Don’t panic over a late tax return – take action now
With the daily demands of running a business, keeping up with tax return deadlines can be tricky. It is easy to miss deadlines and build up financial penalties as a result. However, if you take action quickly, there is no need to panic as damage can be limited. If you do have a late tax return, call us at Livingstones Accountants and we can help guide you through the necessary steps.
The dates you need to know
• The UK tax year runs from April to April with the final deadline for submitting self-assessment tax forms at the end of the following January.
• For the year ending 5th April 2016, 31st January 2017 was the deadline for online submission and the first payment of tax owing.
What happens if you miss a deadline?
A late tax return does mean penalties in the form of financial fines, however, if you remedy the situation quickly these are limited. If you submit a return within three months of the deadline, the penalty is £100. If you go beyond three months or pay your tax bill late, there will be additional penalties.
If you find yourself in this situation, call us at Livingstones Accountants. You will not be put through to sales people, you will be able to speak directly to accountants and receive no obligation advice on how to cost effectively deal with a late submission of a tax return or late payment of tax.
No time to waste
Tax returns are expected from the self-employed and company directors, as well as those gaining income from rental property, savings and investments or making capital gains through the profitable sale of an asset. Whatever your situation, we can assess your requirements and help you meet your obligations. It is never too late to get advice, but the earlier you take action, the easier it will be to limit any penalties.