[Updated February 2025]: If you missed the 31 January deadline to submit your self-assessment tax return, you are now into the penalty stage. HMRC applies an automatic £100 penalty to those who are anywhere from 1 day to 3 months late. Further penalties are then added if you take even longer to comply. It's even worse if you haven't paid the tax owed to HMRC by 31 January because you'll then owe interest on that too.

Our Advice if You’re Late

If you are late submitting your tax return and/or paying the tax owed, our advice is to:

1. submit your tax return without delay;
2. pay as much tax as you can as soon as possible*.
   By doing both, you'll minimise the penalty and interest payable to HMRC.

* Payment of any historic tax for 2023/24 and prior years is best dealt with by the last day of February at the latest. Any amount that remains due for 2023/24 is considered late thereafter and will attract an automatic HMRC charge of 5%.

The post Missed the Tax Return Deadline? What Happens Now? appeared first on Taxfile.

Dear Taxfile Client,

We're aware that many people are struggling right now. So, I wanted to personally touch base with you to confirm that, although the official deadline for submission of 2020/21 self-assessment tax returns and tax payments is Monday (31 January), there is now some extra time this year. This is great news for you if you are concerned about missing the deadlines or having to pay an HMRC penalty for being late. It should

The post A Personal Message from Guy Bridger at Taxfile appeared first on Taxfile.

Are you late paying your tax? Do you owe unpaid tax for the last financial year, or earlier? Are you struggling to pay it?

Taxfile has recently been helping some of our customers with tax debts from 2019/20 and earlier. In particular, we're helping them to arrange payment plans with HMRC as part of their 'Time to Pay' scheme. This spreads the cost of those tax debts instead of paying them off in one go. This is really useful to those who are struggling financially following the pandemic. The new payment plans are only available until 1 April 2021, though, so really you should apply by 31 March 2021. Our advice is to act now if you are in a position to take advantage of the payment plans while they're still — just about — available.

The benefits of arranging a tax payment plan now

Agreeing a payment plan with HMRC will help avoid the 5% late payment penalty that's usually charged on outstanding tax not paid by the deadline. And, of course, spreading the cost helps those who might otherwise struggle to get together the full amount in one transaction. The HMRC interest rate seems relatively low too.

How Tax Payment Plans have gone so far

What we've found so far is that

The post Tax “Payment Plans” are ENDING – Act NOW if you Owe Tax! appeared first on Taxfile.

The post Late Filing Penalty Calendar appeared first on Taxfile.

The post 5% Late Payment Penalty Relief Announced by HMRC appeared first on Taxfile.

The post HMRC Extends the Self-Assessment Submission Deadline to 28th February BUT Payments still need to be made by 31st January appeared first on Taxfile.

Our informative May e-Newsletter is now ready to view online. It includes exciting news of our new branch opening in Battersea along with important tax and accountancy-related news that might affect you. Here is a quick summary of the newsletter's contents:

• The first article announces the opening of our new Battersea Branch in London SW8. New and existing customers are welcome to pop in and say hello and to get expert help with your tax affairs and accountancy requirements. Learn more about the opening of the Battersea branch, and the core services on offer, here or click the big button below to read the newsletter.
• If you work on one of the many Battersea construction sites in or around SW8, we can help you reclaim overpaid tax and much more ... see the newsletter for more details - click the big button below.
• If you're a sub-contractor working in the construction industry scheme ('CIS'), you're almost certainly due a tax refund (learn why here). Taxfile are experts at getting tax rebates from HMRC, so come and see us and we'll get you the maximum refund possible. Read the newsletter (click the big button below) to learn how we make your tax refund application fast and hassle-free.
• We can help limited company contractors too! We're tax and accountancy experts so we can help you register as a limited company or register for CIS if you're not already set up, we'll help you with the monthly tasks demanded of you by HMRC including accounts preparation, confirmation statements, corporation tax handling, CIS set-off rebate, National Insurance (NI), VAT, bookkeeping, payroll and much more. We'll save you time and will make operating the Construction Industry Scheme a breeze. Click the pink newsletter button below for more details.
• If you introduce a family member, friend or colleague to Taxfile, you will get a discount off your next tax return if they sign up as a new paying customer with us. Click the button for details.
• Taxfile recently printed some brightly coloured postcards to promote our new Battersea office and our tax-related services. Simply get in contact if you'd like some of these postcards to hand out to colleagues. If you write your full name on the back and use it to refer a colleague, it might even save you money! Click the button for more details.
• Our team are multi-lingual and always happy to help. If English is not your first language, let us know and we'll try to match you to the most appropriate staff member.
• If you, your friends, family or colleagues have not dealt with your old tax returns, HMRC will be adding £10 per day to the penalty from 1st May. That's on top of the £100 fine that will have applied immediately after missing the original 31 January deadline. Let Taxfile get your tax records, tax returns and overdue tax all in order so you don't have to pay any more in fines than you have already. Learn more here or contact your nearest branch for a consultation.
• All Taxfile clients get free 'Tax Enquiry Fee Protection Insurance' when they file their tax return through Taxfile by the statutory deadline. So - if you're investigated by HMRC - our fees to sort it out are covered. Click the button for more details.

[av_button label='Read the Newsletter' link='manually,https://www.taxfile.co.uk/wp-content/uploads/2025/03/May-18-NL-screenshot-scaled.jpg' link_target='_blank' size='medium' position='left' icon_select='yes' icon='ue84e' font='entypo-fontello' color='custom' custom_bg='#f04168' custom_font='#ffffff' admin_preview_bg='' av_uid='av-2ys5kg']

Feel free to

The post May Newsletter – New Battersea Branch, Easy CIS Tax Refunds, Avoid £10 Daily Fines & More appeared first on Taxfile.

Hot off the press is our brand new Autumn newsletter for 2016. If you haven't yet seen it, take a look because it's jam-packed full of useful information that'll help you keep your tax affairs and accounts in order, save you money and keep you up to speed on tax matters. Here's a quick flavour of what's included (or click the thumbnail image to view or download the newsletter):

• Act fast to save money on your 2015-16 tax return - see the newsletter's first article.
• Sub-contractors working in the construction industry are invited to claim their CIS tax refunds through Taxfile, so they have their refund in time for Christmas!
• Help if you're late with any previous years' tax returns and tax payments — and how you already owe HMRC at least £1300 if you haven't filed your 2014/15 tax return or paid tax for that year.
• Try the UK's Number 1 cloud-based accounts package FREE, for a month. No credit card required - cancel at any time - full details are included in the newsletter. [UPDATE: Please note that this offer has now expired]
• Help if your tax affairs are in a mess — are you late filing returns or paying tax? Are you worried about HMRC penalties? Are you a foreign worker, working in the UK, and need to get your tax records up to date following the Brexit decision? We're here to help!
• Taxfile are Finalists in the 'Independent Firm of the Year, Greater London' category of the British Accountancy Awards 2016.
• Free tax enquiry Fee Protection Insurance for Taxfile customers who file their tax returns by the statutory deadline through Taxfile.
• How online banking may save you time and money.
• Introduce a new client to Taxfile and save 10% on our fees!
• Saturday opening at Taxfile (Tulse Hill office) throughout November and December.
• Help with all your tax and accounting needs - check out our list of all the things we can help you with — now including auto enrolment!
• And a 'thank you' to all Taxfile customers ...
  

  The post Taxfile’s Autumn Newsletter 2016 appeared first on Taxfile.

  ]]> https://www.taxfile.co.uk/2015/05/410-fine-for-not-filing-tax-return/ Tue, 26 May 2015 16:12:49 +0000 http://s168566730.websitehome.co.uk/Taxfile-WP-site/?p=1104 If you STILL haven’t filed your tax return despite the end of May being almost upon us, you’ll owe £410 in HMRC penalties by the end of this week. Continue to throw money down the drain at the rate of £10 extra per day thereafter if you still don’t submit your return. As we explained […]

  The post STILL haven’t filed your tax return? You owe £410 in fines & counting! appeared first on Taxfile.

  ]]> https://www.taxfile.co.uk/2015/04/penalties-for-filing-your-tax-return-late/ Wed, 22 Apr 2015 08:15:18 +0000 http://s168566730.websitehome.co.uk/Taxfile-WP-site/?p=1102 If you still haven’t filed your tax return for the financial year up to 5 April 2014 you can expect the penalties from HMRC to begin racking up daily — and potentially very significantly — starting from Friday 1 May. If you missed the 31 January Tax Return deadline … If you missed the 31 […]

  The post Still Haven’t Filed Your Tax Return? Expect a Nasty Bill from HMRC! appeared first on Taxfile.

  ]]>