Posts

Tax bomb

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

/in , , , , , , , , , , , , , , , , , , , , , /by

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.

Read more

Tax return help 7 days a week!

/in , , , , , , , , , , , /by

By midnight on 31st January 2014, you will need to have submitted your self-assessment tax return to HMRC and have paid them any tax due for the 2012-13 financial year. It doesn’t matter if you have zero tax to pay – you still need to submit your tax return on time or you will be hit with an automatic penalty of £100 (delaying even further can, in the worst case scenario, increase this fine to as much as £1,600).

In view of this, for the month of January you can get help 7 days a week from Taxfile in Tulse Hill, South London.

Our team of tax advisers and accountants can help you with your return whatever your employment status. We can help you register with HMRC if you are not already registered, check your form and help fill it in where necessary, make sure you’ve claimed for any allowable expenses to offset tax, make sure you haven’t missed anything or claimed for something you shouldn’t have claimed, compute any tax due (or due to be refunded), and submit your tax return on-line (the only option available this late into January – paper returns are already too late!). Read more