Posted on 1st February 2019
If you’ve missed the January 31st deadline to submit your self-assessment form to HMRC, don’t panic – but do take action as soon as possible.
In an ideal world, everyone who is self-employed would fill out their tax return promptly on April 6th every year.
However, the reality is that life as a self-employed person or sole trader is busy and demanding. Apart from us, few people want to think about tax until they absolutely have to – which is why HMRC receives so many last-minute submissions as the deadline looms.
If you’ve missed the deadline to submit your tax return, you will face an immediate £100 fine. This will apply for the first three months after the deadline, so many people lose a sense of urgency over their tax return once they know the fine has been applied.
But don’t fall into that trap! You may receive no further penalties until May 1st, but the time will fly by and if you miss that deadline too, the costs will start to spiral. From May 1st, HMRC will apply additional penalties of £10 per day for every day that your return is late, up to a maximum of 90 days. That’s an extra £900 to pay, on top of the original fine and any tax that is owed.
Further fines will be levied at you as time goes on – regardless of whether you even owe any tax in the first place. You will also be liable to pay penalties for late payment of any tax that you do owe.
So, don’t bury your head in the sand and ignore the problem. Don’t be an ostrich – be a wise owl and get help from JNR Accounting. We will process your income and expenditure information, submit your tax return as soon as possible and deal with all correspondence with HMRC on your behalf – all for just £118 +VAT.
We’ll get your tax affairs in order and make sure all amounts payable are settled at the earliest possible date, so that you can soothe any ruffled feathers and put your mind at rest for another year.
Get in touch with our friendly, professional team today to find out more.