You are expected to file a tax return if you have taxable income to declare or if you have received a letter from HMRC asking you to file a tax return. Here is an example of a "Notice to complete a tax return".
The ultimate deadline for submitting your tax return and paying any taxes due is 31 January 2014.
HMRC penalties often amount to more than the actual tax you owe. In
fact, even if you do not owe any tax at all, you will still receive late
filing penalties that are payable regardless of your tax liability.
Below is a summary of how these penalties are calculated for a late tax return. You can find out more about the January deadline and late filing penalties on :
http://www.bbca.co.uk/#/tax-return-january-deadline/4571969922
1 day late – A fixed penalty of £100.
3 months late – £10 for each following day for up to 90 days i.e. a maximum of £900.
6 months late – A fixed £300 or 5% of the tax due, whichever is the higher.
12 months late – Another fixed £300 or 5% of the tax due, whichever is the higher.
1 day late – A fixed penalty of £100.
3 months late – £10 for each following day for up to 90 days i.e. a maximum of £900.
6 months late – A fixed £300 or 5% of the tax due, whichever is the higher.
12 months late – Another fixed £300 or 5% of the tax due, whichever is the higher.
Avoid the last minute rush and send us your information so we can ensure
your tax return is filed in time and you receive the best advise.
