The deadline for filing self-assessment tax returns has passed. If you missed it, heres what you should do right now. What to do if you missed the self-assessment tax return deadline The deadline for filing online self-assessment tax returns for the tax year 2012-13 passed at midnight last night (Friday). Due to the changes in Child Benefit eligibility, there was an extension granted for people who registered by then, and they now have until 15th February to file. If you didnt register or file by the deadline, youre now looking at financial penalties, but if you act now you can limit these. Heres what to do. Penalties HMRC is enforcing an initial penalty of £100 for people who didnt even register. This fine even applies if you dont actually have any additional tax to pay. From here, if the return is more than three months late you’ll receive a £10 daily charge for up to 90 days – that’s £900 maximum. If you are six months late an additional £300 will be added or 5% of your tax liability; whichever is higher. For non-submitters who reach January 2014, another £300 or 5% will be slapped on. This gives a total potential penalty of £1,600 – even for those who have no tax to pay but still submit late. Needless to say, if your tax return is still sitting on your to do pile, get it done now! Call Heritage on 01661835620 or 01434220918 to stop the penalties mounting up.....
Posted on: Sat, 01 Feb 2014 11:02:14 +0000
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