Over 70 percent of all self-assessment taxpayers chose to submit their tax return online, before the deadline of 31st January 2011. However, a large percentage of taxpayers missed the deadline, resulting in penalty notices being issued with the demand for £100. If the tax and National Insurance which was due by 31st January 2011 remains outstanding, taxpayers will face interest payments on the amount due plus a surcharge which will be added 28th February 2011. However, it is possible to appeal against the penalties as long as the appeal is lodged within 30 days of receipt.
There are reasons which HM Revenue & Customs accept for the late filing of your self-assessment return, and an appeal outlining the reasons for delay should be submitted to HMRC within 30 days of receiving your penalty notice. It is also possible that you had submitted your tax return on time, with HMRC issuing a penalty notice in error. Low cost accountants will be able to help you complete an appeal form and decide whether you have received a penalty notice in error.
To avoid future penalties and interest payments, online accountants will deal with the completion and submission of your self-assessment tax return, ensuring all monies owed are paid in a timely manner. At a time when many business owners are struggling to survive, it is easy to fall behind with administration which can lead to further financial problems. Online accountants will deal with your book keeping in a timely manner, avoiding penalties from HMRC.
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