Missed the Tax Return Deadline?
[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:
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.
[UPDATE: Please note that this offer has now expired]. Get Sage One Cashbook 
HMRC have recently been targeting tax agents who file high volumes of tax returns and, as one of the UK’s top 100 tax return preparers by volume, Taxfile had the honour of having an inspection by HMRC inspectors during late October.
Do you have online banking? Sending us downloaded statement information straight from your online banking means we can more easily import the data into our system and check for expenses and income which might otherwise have been overlooked. It can also fill in the gaps where you are missing receipts or invoices. This simple service could therefore save both time and money! Most online banking platforms allow you to export this information, for example as a CSV file, and this format is perfect for our accounting system.
[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.
Where possible, Taxfile customers are urged to submit their records to Taxfile before December 1st 2014 so as to beat the price increases which will come into effect from that date. Taxfile has held its prices for several years now, and unusually long for our industry, however every so often we have to take stock and catch up with inflation and the ever-increasing costs of operating a business inside London. At time of writing, Taxfile customers still have time to submit their paperwork and records for professional tax and accountancy help – for example for tax returns – so can totally avoid the price increases this year if they act reasonably fast and get their figures and records etc. to us before December 1st. This will also avoid bottlenecks as we fast approach the busiest time in the tax year. Taxfile will also be sending out reminders to its active customer database.
Her Majesty’s Revenue & Customs (‘HMRC’) have now completed a 7 month pilot scheme, held across the North East of England, whereby they closed existing HMRC Enquiry Centres and instead offered those requiring extra help with tax-related issues assistance in a different, more tailored way. With the pilot scheme now complete and deemed a success, all Enquiry Centres across the UK will be closed by 30 June 2014 (just a few days away at time of writing) in favour of the new, more tailored system.