The secret to getting ahead is getting started, as the saying goes… and the season of the tax return is looming.
Personal tax, partnership tax and trust tax returns all need to be filed by January 31, 2020.
“January may seem a long way off, but filing your tax return sooner rather than later will give you more time to save or obtain finance for any tax payment,” said Peter Way-Rider, tax manager at Ellis & Co.
“Be sure not to miss the deadline date of Friday, January 31, 2020, 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.”
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.
“We can also advise on short term finance if required.”
For further information about tax returns or any other tax matter contact Peter on 01244 343504.