Missed the tax deadline? You can still avoid a surcharge

Yesterday was the submission deadline for the 2012 tax returns.

As the return is now late, there is a £100 fine due for the return (even if there is no tax due) but there are still opportunities to avoid further penalties.

If there is any tax unpaid at the end of February then this will be subject to a 5% surcharge, so submitting the return and paying the tax due will avoid this surcharge.

There are further penalties after the end of the month, including a further £100 fine after the end of July as well as possible daily penalties of £10 per day.

In total the penalties can amount to £1600 or more, so it makes sense to submit the return as soon as possible – the costs of getting help can be much less than the fines for delaying submission.

Last year I again helped people that had missed the deadline, and I am available in February to help others – please do contact me for assistance.

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