With only a matter of weeks left to ensure that their tax returns are completed correctly and filed on time, multi award-winning Salhan Accountants is encouraging people to seek help before it is too late.
Those required or who have elected to complete a self-assessment tax return must prepare their annual records before the end of the fiscal year.
Whilst the paper deadline for tax return closed on 31 October, the online tax return must be with HM Revenue & Customs (HMRC) by midnight on 31 January 2017. This date is also applicable for the final payment of any tax due.
Failure to send a tax return and pay any outstanding tax could lead to severe penalties, starting with a £100 automatic fine applied to all online tax returns if they are late by just one day.
After three months, any late returns will be subject to a penalty of £10 per day for each day the tax is due, up to a maximum of 90 days and £900, as well as interest on the outstanding tax.
Any return that is six months late will be subject to a fine of £300 or 5 per cent of the tax due; whichever is higher. For returns which are 12 months late, another £300 or 5 per cent fine of the tax due will added to the final bill.
If you would like help or advice on your self-assessment tax return, contact a member of our team today.
Salhan Accountants is a multi award-winning firm specialising in proactive tax-planning and accountancy advice.
