Submitted by Sestini & Co
| on Wed, 07/01/2015 - 9:16 | In Uncategorized
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Despite letters from HMRC on the doormat, Bill Turnbull and Louise Minchin reminding you while you eat your breakfast and the billboards demanding your attention on your way to work, some people still miss the Self Assessment filing deadline.
Those taxpayers that have been issued with a Self Assessment Tax Return have until 31st January following the end of the tax year to submit their Tax Return electronically. Submission beyond this date will lead to a £100 late filing penalty as well as interest and surcharges if tax is owed.
HMRC have recently stated that they want to focus their resources on investigating tax avoidance and evasion rather than penalising ordinary people that are trying to do the right thing. New guidance has been issued to tax inspectors which means that they may be more willing to accept an appeal against a late filing penalty if there is a reasonable excuse for the Return being submitted late.
If you are late in filing your Self Assessment Tax Return, the best approach would be to complete and submit your Return as soon as possible and appeal any late filing penalties if you have a reasonable excuse for missing the deadline.
To ensure you do not receive a late filing penalty next year and avoid the post-Christmas rush, it would be a good idea to get started on your 2014/15 Tax Return now.
If you need helping bringing your Tax Returns up-to-date or would like assistance with your 2014/15 Tax Return, please contact us on 01761 241861 or at email@example.com
Rachael Poole (Associate Director – Sestini & Co)