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Tax Return 2014

Still Haven’t Filed Your Tax Return? Expect a Nasty Bill from HMRC!

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Tax Return 2014If 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 January 2015 deadline for tax returns, you already owe HMRC £100 in fines on top of any tax you owe. If you don’t owe any tax whatsoever, HMRC still require a tax return from you, plus that £100 in penalties.

If you still haven’t filed your return by 1 May …

From 1 May 2015 you can also expect a £10 daily penalty to kick in, on top of the £100 fine above, up to a maximum addition for the period of £900 (90 days) extra. But it gets even worse…

If you STILL haven’t filed your return by 30 July …

After the 90 day period beginning on May 1st, if you STILL haven’t filed your tax return you’ll receive a further £300 penalty (or 5% of the tax due; whichever is highest) plus a possible additional fine equivalent to 100% (or more) of the tax due, depending on how serious the case is.

Each of these individual penalties is in addition to the preceding ones.

So, to conclude, if by 30 July 2015 you STILL haven’t filed your latest tax return you will be in for a minimum penalty of an incredible £1300.00 and that’s in addition to the tax you owe. Also, Read more

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Missed the Tax Return Deadline?

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[Updated 3 February 2020]: If you missed the deadline for submission of your tax return to HMRC (that was 12 midnight on Saturday 31 January) here’s what you can expect in terms of a fine:

Table of penalties showing fines if you are late submitting your self-assessment tax return

In case you didn’t realise, you still had to submit a tax return even if you did not owe any tax and the longer you leave it, the more it will cost you — as you can see in the table above. Alternatively, use this excellent estimation tool to work out your exact penalty at any given point in time. Not sure if you even need to submit a Self Assessment tax return? No problem; there’s a tool for that too (here).

Statistically speaking, women seem to send in their returns on time more often than men; 18 to 20 year olds of either sex are the very worst with around 11% of them sending in their returns late in recent years, while those over 65 seem to be statistically the most reliable of all, with only around 1½% of them having filed tax returns late. We’ll have to wait and see how it panned out this year when the figures are in.

Taxfile are here for you if you need to get your tax return sorted out whether you’re on time or not – but the earlier the better if you’re to minimise any penalty from HMRC. We are professional accountants and tax advisors, are based in South London, and will help to get your tax affairs in order with minimal fuss. We will ensure that all your figures are correct so that you pay only the right amount of tax – no more, and no less. For professional tax help contact us or book an appointment on-line.

Tax bomb

Avoid Significant HMRC Penalties – file your tax return on time!

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File your tax return in time or face severe fines[UPDATED AUGUST 2020] Did you know that you get an automatic £100 minimum penalty if you file your Self Assessment tax return (or pay any tax owed) even one day late? After 3 months you can add £10 per day extra to that fine (up to 90 days/£900 max) and after 6 months it gets significantly worse. And remember that you need to file your return on time even if you don’t owe any tax, or if you have already paid it! Latest indications are that there are also no warnings given by HMRC. See the table below for the detail.

Late return penalties by HMRC

So our message is simple: don’t file late, and don’t pay late! Taxfile are here to help you, of course. We know Self Assessment Tax Returns back to front and we can help you file accurately, and on time. If you’re late, we can help to sort things out quickly and so keep any HMRC penalties to a minimum.

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CIS Contractor Monthly Return

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CIS contractors must complete and file a tax return to the HM Revenue and Customs every month showing the payments made to all subcontractors as well as the tax deducted. The contractor needs also to show the verifications references against all those subcontractors from whom the contractor had to deduct a higher tax rate.
Even if no payments were made to subcontractors, contractors still need to submit a monthly return , in this case a nil return.
Starting from 19th October, HMRC will start charging building contractors penalties for late returns. The contractor monthly returns should be submitted to the Inland Revenue by the 19th of every month. After this date, any return not received from contractors by the due date will be liable to a fixed penalty of £100 and a further penalty for every additional month that the return remains outstanding.
There are three ways to submit the return:
•on paper through the post
•online through the HMRC website
•electronically through Electronic Data Interchange or through approved third-party software.

Yesterday, the 26th October, HMRC showed some sympathy towards contractors’ late returns due to the postal strikes. Those who file electronically have no problem submitting their returns. ”Nil returns can continue to be made by telephone and HMRC are also prepared exceptionally, during continuing disruption, to accept paper returns at their Enquiry Centres.
There are likely, however, to be some contractors whose returns, will not be received by the 19th October, even though posted in what would normally be good time to meet the deadline. HMRC are prepared to consider these cases sympathetically.
Contractors can make nil returns and get further assistance by telephoning the CIS Helpline on 0845 366 7899.”(HMRC)
Taxfile in South London can help you filing your monthly return making sure it is done in due time. Their tax accountants will also be able to verify your subcontractors with HMRC in order for you, the contractor to deduct the right amount of tax.

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