Did you sumbit your tax return this Christmas?
Figures, revealed by HM Revenue and Customs (HMRC) show that 10,000 tax returns were submitted online over the festive period.
“Christmas is the time of year most of us get some time off, so this is why so many people submitted their returns over that period,” said Peter Way-Rider, Tax Manager at Ellis & Co.
“You must ensure your return is filed with HMRC by January 31st, 2017, if not there is an immediate £100 penalty, and additional penalties will be imposed for further delays.”
The penalties for late tax returns are:
- 1 day late an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time
- 3 months late, additional daily penalties of £10 per day, up to a maximum of £900. This is as well as the fixed penalty
- 6 months late, a further penalty of 5% of the tax due or £300, whichever is greater; This is additional to the penalties above.
- 12 months late, another 5% or £300 charge, whichever is greater. This is additional to the penalties above.
There are also additional penalties for paying tax late of 5% of the tax unpaid at 30 days, 6 months and 12 months.
“At Ellis & Co we will prepare your Self-Assessment Tax return for you and submit it promptly," added Peter.
“We will help you structure your affairs for maximum tax efficiency, while protecting you from the penalties every taxpayer dreads.”
For further information about Tax Returns or any other tax matter contact Peter on 01244 343504.