2014/15 Tax Return deadline is fast approaching – Have you filed yours?

Countdown to Tax DeadlineWith the start of the festive season, this unfortunately means that the Self-Assessment Tax Return deadline is not far away.

With January being the last chance to file your tax return on time for the 2014/15 tax year, we strongly recommend that your tax return information is prepared and delivered as soon as possible to enable the return to be filed on time.

If you fail to submit your tax return and pay over any tax due by 31 January 2016, then you will incur a penalty from HMRC as follows:

Late Tax Return filing

1. Missed Deadline – £100 automatic penalty
2. If the return is more than 3 months late, in addition to the £100 penalty above, you will also be charged a penalty of £10 per day until either the return is filed or 90 days have passed.
3. If the return is more than 6 months late, you will be charged either 5% of the tax due or £300, whichever is the higher. This is in addition to the penalties under 1 & 2 above.
4. If the return is more than 12 months late, you will be charged either 5% of the tax due or £300, whichever is the higher. This is in addition to the penalties under 1, 2 & 3 above. This can be increased to 100% of the tax due in serious cases.

Late tax payment penalties

If your tax remains unpaid on 28 February 2016, you will be charged a 5% surcharge on the amount due. An additional 5% is also imposed on any tax, which remains unpaid on 31 July 2016.

ACTION TO TAKE!

Start by gathering together the documents you require to complete the return, it is always recommended that you start by ensuring that you use last year’s return as a guide as to the information you need (alternatively you can use an information checklist, such as that we provide to our clients). In addition, you must ensure you consider any changes to your affairs or new sources of income or reliefs to ensure that you are able to file a complete and accurate return.

Remember HMRC can impose penalties, if you do not take reasonable care to prepare an accurate return.

Please feel free to contact us if you require us to complete your tax return or discuss any tax issues you may have.

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. Neither Essex Abel Ltd nor the author accept any responsibility whatsoever for any action taken based upon the information included in this articles.