From 1 May, HMRC will apply fines of £10 per day if you haven’t yet submitted your 5 April 2013 Self-Assessment Tax Return. Last year, around 850,000 people were affected and it’s likely that even more will be fined in 2014.
Will this affect you? If so, we can help – please contact us on 0151 724 3960 or by email at [email protected]
How much could you be fined?
The deadline for submitting your 5 April 2013 Self-Assessment Tax Return was 31 January 2014. If you missed the deadline, you were immediately fined £100.
While this is costly enough, the fines will now increase rapidly as HMRC will charge a daily penalty of £10 every day for the 90 days from 1 May 2014. Therefore, if you haven’t submitted by 29 July, the fine will be £1,000 (ie the initial £100 plus 90 days x £10).
If you haven’t submitted by 31 July 2013, an additional fine will be applied. This will be the larger of £300 or 5% of the tax due. Therefore, the total fine will be at least £1,300.
If you haven’t submitted by 31 January 2014, there will be yet another fine. This will again be the larger of £300 or 5% of the tax due. By this point, the total fine will be at least £1,600.
What should you do if you’re affected?
If you are affected, we can help you complete and submit your Self-Assessment Tax Return and avoid further fines. This will save you money and also stop you worrying.
If you need help, please contact us on 0151 724 3960 or by email at [email protected]
Alternatively, you can use the contact form here.
Added by Jon Davies