Tax Return Filing Deadline Reminder!
Don't bury your head in the sand ...
POSTED BY GEMMA BARRY ON 27/11/2017 @ 8:00AM
With just 4 weeks to Christmas, it's a frightening reminder that there are only 9 weeks until the tax return filing deadline. Are your 2016/17 accounts in order or have you just started panicking?
The tax return filing deadline is fast approaching so don't bury your head in the sand!
copyright: rangizzz / 123rf stock photo
9 weeks may be technically correct, but that is of course including the Christmas break so effectively, it's just 7 weeks until all self-assessment tax returns have to be filed with HM Revenue & Customs (HMRC).
"A record 10.8 million people submitted a self-assessment tax return for 2015/16!"
According to BBC news, in December 2016, a total of 1,944 people submitted their self-assessment forms online on Christmas Day with another 6,214 submitting on Christmas Eve and 6,200 on Boxing Day. Further information suggests that 33,000 people were filing online in the final hour of 31 January 2017.
These are all fascinating facts but there were also 840,000 people that missed the filing deadline, this is the equivalent to 1 in every 14 taxpayers.
For those missing the filing deadline, there is an automatic late filing penalty of £100 per return. If your return is still outstanding after 3 months, you will incur a daily penalty of £10 per day up to a maximum of £900.
31 January is also the payment deadline for any self-assessment liabilities, and if your return is not completed, it is also highly likely that you don't know what your tax liability is! If it remains outstanding as at 2 March (30 days after the payment deadline), you will incur a late payment surcharge of 5% of the tax due.
"The penalties do not stop here and the longer your return & payment remain outstanding, the higher the penalty and interest charges are!"
Here at Essendon Accounts we strive to complete our client's Tax Returns in a timely manner and provide them with sufficient time to prepare for any impending liabilities. Of course, we can only do this if the information is provided to us in good time.
If you are a client of ours and your information is still outstanding, we would be incredibly grateful if this could be provided as soon as possible, before the Christmas break, to enable us to provide you with the service you deserve.
Alternatively, if you usually submit your self-assessment tax return online at 11.45pm on 31 January, and you would like us to take this burden away from you, please do get in touch with us on 01908 774320 or click here to ping us an email and let's get it sorted.
Until next time ...
More about Gemma Barry ...
Gemma is ATT (Association of Taxation Technicians) qualified, and has worked at Chancery for 10 years before joining Essendon as the Tax Compliance Team Leader. In addition Gemma has now taken on the role as practice manager.
Gemma’s day to day duties include assisting clients to ensure they pay the correct amount of tax and meet their filing deadlines, organising the practice and the people within it.
In Gemma’s spare time she enjoys travelling, going to the cinema, and is a fair weather cyclist.
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