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The Citizens Advice Bureau and tax advisors across the UK are urging taxpayers to complete their 2013-14 returns ahead of the deadline, in order to avoid being charged penalties. A reminder has also been issued not to submit a paper tax return, as the deadline of 31st October has now passed. Sending a paper return to HMRC will result in an automatic penalty being issued.

If you have missed the deadline for a paper tax return, you can still complete and file the document online before 31st January 2015. Tax returns have to be submitted on time, or an instant penalty will be issued of £100. Even if you don’t owe any tax, a return still has to be completed. Failure to do this will result in a penalty charge.

Advisors remind all those in the self assessment system that if a refund of tax is due, it will be paid once your tax return has been sent in to HMRC, although your tax bill doesn’t have to be paid until 31st January 2015. According to last year’s figures, 1,566 people spent Christmas Day filing their tax return, while around 17,000 people spent Christmas Eve at the computer filing online. For those who do leave it to the last minute and fail to meet the deadline, the penalty will be charged automatically and won’t be reduced, even if the tax bill is paid by the 31st January 2015.

What are the late filing penalties?

If you submit your tax return up to three months after the required filing deadline, you will be charged an automatic penalty of £100. If your tax return hasn’t been received by HMRC on 1st May 2015, further penalties of £10 a day will be charged for 90 days, up to a maximum of £900. Once the tax return is six months late, a further £300 will be charged, with another £300 charged if the tax return hasn’t been submitted within 12 months. If you also pay any tax owed after the deadline, you will be charged a late payment penalty. If you intended to submit a paper return and missed the deadline, the penalties will start to accrue from 1st November 2014.

Have you ever spent the high points of the festive season sorting your tax return? We offer an affordable tax returns service, we are also able to offer advice, if you wish to appeal against a penalty.

About The Author

Karl Bilby

We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!

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