Welcome to our blog here at WHR Accountants in Armagh, Northern Ireland. This is our first blog post of 2018 and we hope the year is treating you very well so far. Today we thought we would remind you of the impending self assessment tax return deadline.
Send In Your Tax Returns Or Face Penalties
The deadline is actually this coming Wednesday 31st January, and you must have your online tax returns in by midnight on this day or face penalties from Her Majesty`s Revenue & Customs. If you were wanting to send a paper tax return in to the HMRC this should have been done on or before 31st October of last year so you only have the option of an online return now.
You must send in your tax return and pay any money that you owe by 31st January so it is vital that you are prepared and ready for this date. If you fail to send in your online tax return by this date, the next day you will be liable for a £100 fine. And if you leave it for another 3 months then the maximum penalty you are liable to pay rises by £10 per day up to a maximum of £900.
After 6 months a further £300, or 5% of the tax due whichever is the higher sum, is added to the penalties. If the HMRC deems it to be a more serious case the penalties can be even higher.
Ensure You Are Well Prepared
So you can see that there are great drawbacks to not having your online self assessment tax returns prepared and sent in by the due date. Nobody wants to pay penalties to the HMRC on top of the taxes that are due so please ensure you get yours in on time.
If you are having problems with preparing your tax returns, or you having difficulty with the process of filing your tax returns online, we can certainly help you but you will have to contact us as soon as possible. For help can you please give us a call in office hours on 028 3752 2909.