Self-Assessment Tax Return
What do you need to do if if you have missed the
Self-Assessment deadline?
For those who file tax returns under Self-Assessment, the 31
January deadline has now gone, but there will be thousands of
people who have failed to send their forms in on time. All tax
returns for earnings for the financial year ending April 2011 had
to be sent in by midnight on 31 January; and all outstanding tax
bills paid, to avoid penalty fines and interest charges. While
approximately seven million people completed their forms online by
the deadline this year, those who missed it now face an automatic
£100 fine.
Act now
In this current economic climate, these fines will hit hard, so
if you have missed the deadline, the key is to act fast to minimise
the repercussions. A HMRC spokesman explains: "If you still have
not filed and paid any tax due, the important thing is to file as
soon as possible. By doing so, you avoid incurring any interest on
the tax owed".
Making a claim
If you believe you have a reasonable excuse, you can ask for a
penalty to be reconsidered. HMRC will look carefully at the
information you provide and any other evidence that is available.
You should make any claim as soon as possible and not wait until
you receive the penalty.
What are the penalties that will be levied against you
for missing the Self-Assessment
deadline?
If you pay your tax late, HMRC charges interest from the date
the tax was due until your payment is received. If you still have
not paid your balancing payment by 28 February, you may face a 5%
surcharge on top of the amount you still owe. This is in addition
to any interest you have been asked to pay. If you still have not
paid all the tax that was due on 31 January by 31 July, you may be
charged a second 5% surcharge on top of the amount you still
owe.
How can we help you?
We understand that managing your tax affairs and keeping abreast
of all the latest tax rules can be a challenge. We have a dedicated
personal income tax team who can support you in all aspects of
managing your tax affairs including Self-Assessment. As part of our
on-going management of your Self-Assessment tax affairs, we will
provide you with a proactive and personal service in developing a
tailored tax planning solution that complies with regulations,
maximises your wealth and ensures that you are fully prepared to
meet all Self-Assessment deadlines going forward.
If you are interested in any of our services and would like to book a free consultation to discuss how we may be able to assist you, please contact Xiaojie Bai or Mike Conroy..
Have a question?
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