Tick tock, tick tock...

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The clock is ticking, the deadline for filing your Tax Returns is looming.

Be sure not to miss the deadline date of Wednesday, January 31, 2018 or you could be joining millions of others in the UK and incur an automatic fine of £100.

“Failing to file your tax return on time will cost you £100, you will pay more the later it gets,” said Peter Way-Rider, Tax Manager at Ellis & Co.

“You will also receive a fine if you fail to pay your tax bill on time."

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.