Keep Your Cool If You Haven't Filed Your 2017 Tax Return
What happens if you don't?
POSTED BY ROGER EDDOWES ON 30/04/2018 @ 8:00AM
For those who have yet to file their 2017 tax return, I recommend they keep their cool and work on getting things in order. But what happens when you are still late with filing your tax return?
If you haven't filed your 2017 tax return then keep your cool, Essendon are here to help!
copyright: gstockstudio / 123rf stock photo
As many readers will know, the filing deadline for the tax return for the year ended 5th April 2017, was on 31st January 2018. HMRC estimate that nearly 750,000 taxpayers missed this date and incurred an automatic £100 penalty.
To encourage those who still have to comply and file their 2017 tax return, HMRC will impose further penalties from 1st May 2018. These penalties will be an eye-watering £10 per day for 90 days.
"Then, on 31st July 2018, a further amount of at least £300 may be levied!"
It is important to note that these penalties will remain in place irrespective of whether there is any tax liability or tax due back. The only way to get out of a fine now is if you have a valid reason for not filing your 2017 tax return, such as prolonged illness and you appeal.
For those that think HMRC are being a bit harsh, they did announce in November 2017 that they are considering a driving licence style points system, so we'll wait and see if this will be more lenient.
If a taxpayer has failed to register for self-assessment for 2016/17 when he/she should have done, then there is a different penalty regime which is based on the amount of tax lost.
It can be as much as:
30% for careless inaccuracy
70% for deliberate, but not concealed
100% for deliberate and concealed
If you need assistance getting your 2017 tax return prepared and submitted so you don't pick up any more penalties, get in touch with me on 01908 774320 or click here to ping me an email and let's see how I can help you.
Until next time ...
More 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.
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