Time running out for Tax Returns
Personal Tax Return Deadline Approaches
Completing a personal tax return can be a stressful, complex task and an unwanted hassle for self assessment taxpayers. At Tax Affinity we provide a simple, price competitive service to alleviate your concerns over personal tax returns.
If you currently complete your own tax return then you could certainly benefit from our services to ensure that you don’t overpay on tax. Mistakes on your tax return could cost you a significant amount and it is therefore worth taking advantage of expert advice to make sure you report the correct level of taxable income. We will assess all of your income and expenses information to ensure you minimise your tax liability.
If you are already taking advantage of our tax help, please ensure you send us all your income and expenses information (bank statements, invoices and receipts) for the period 6th April 2012- 5th April 2013 as soon as possible. With the busy Christmas and New Year period approaching, it is vital that we receive all this information in the next 3-4 weeks so we can ensure all of our clients’ tax returns are submitted before the deadline.
By leaving your tax return right up until the last minute you risk incurring a late filing penalty. Here is a summary of the HMRC penalty charges you may face:
Length of Delay - Penalty incurred
1 day late
A penalty charge of £100 even if you have no tax liability for the year or have paid the tax you owe
3 months late
A penalty charge of £10 per day up to a maximum of 90 days- £900. This is on top of the initial £100 charge.
6 months late
£300 or 5% of the tax due (whichever is higher). On top of the penalties listed above
12 months late
An additional £300 or 5% of tax due. However, in certain cases the charge may be up to 100% of the tax due or higher.
Please avoid any of these penalties by sending us all your information as soon as possible. Feel free to pop into the office or just email us the necessary documents. Rushing a tax return can result in a number of unnecessary errors so please ensure you get on top of the situation in the coming weeks.
By Tom Hoadley at Tax Affinity.
Tax Affinity Accountants are experts in Tax and Accountancy. Based in Kingston upon Thames they regularly submit tax returns for their clients peace of mind, providing a great value for money service for people from all walks of life.
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