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Did You File Your Tax Return On Time?

What if you missed the deadline?

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POSTED BY ROGER EDDOWES ON 03/02/2020 @ 8:00AM

I am hoping that everyone reading this blog post who needed to file a tax return will have submitted it by 31 January. But what happens if you missed the deadline?

If you didn't file your tax return on time, then you should give me a call as soon as you can!

If you didn't file your tax return on time, then you should give me a call as soon as you can!

copyright: ayo88 / 123rf

Apparently, there are about a million taxpayers out there who have missed this year's deadline. It's interesting to note that in the 72 hours running up to midnight on 31 January, about 1 million out of the 11 million returns issued were filed just in the nick of time.

"There is an immediate £100 fine for missing the deadline!"

You'll get a further £10 daily penalty if the return is not filed after 3 months up to a maximum of £900. Then if the return I still not filed after 6 months there is a further penalty of £300 or 5% of the tax you owe whichever is larger ... and am only talking here about the filing of the return. There are further surcharges and interest payable on the late payment of tax too.

Did You File Your Tax Return On Time?

Taxpayers are able to appeal against a penalty if they became seriously ill or the filing portal crashed, but it's a long arduous process to get the appeal through. I don't think getting carried away with Brexit happening an hour before the deadline will wash with HMRC either.

HMRC are fairly reluctant to waive penalties citing the fact that the taxpayer had since 6 April in the previous calendar year to file their return.

Until next time ...

ROGER EDDOWES
Business Godparent

Would you like to know more?

If you haven't filed your tax return yet, call me as soon as you can on 01908 774320, leave a comment below or click here to ping over an email and let's see how I can help you.

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About Roger Eddowes ...

 

Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.

Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.