10th October 2015 Posted by - Alexander Accountancy
The countdown is on, at the time of writing you’ve got just over 20 days left before the paper tax return deadline arrives.
Paper returns must be filed by Saturday 31 October to avoid a late filing penalty. If you file late, you will be hit with a £100 fine, even if there is no tax to pay, or you have paid the tax due on time. The longer you delay, the more you will have to pay in penalties. If your tax return is three months late you will pay a penalty for each additional day it is late, if it is six months late, you’ll have to pay a further penalty, and another final penalty if it is 12 months late. Together these could add up to a penalty of £1,600 or more.
According to HMRC, over 900,000 Self Assessment returns for 2013/14 were delivered late.
If you cannot file your paper return by 31 October, you can still avoid a penalty by filing on-line before 31 January.
If you need further information or advice.
Please call Alexander Accountancy on Burton upon Trent 01283 743851
