Tax Accountant in Surrey

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2018 Late tax return penalty issues

For those who have not yet submitted a 2018 tax return, they would normally have already received a reminder letter from HMRC along with a £100 fine.

This would have reminded them about the late tax return, as well as hopefully prevent them becoming liable to extra penalties.

However, HMRC has advised that the usual February reminder letters are not being issued this year… in some cases the reminders won’t be received until April.

Because of this, people are likely to fall foul of three additional costs:

  1. The 5% surcharge on unpaid tax. Where tax is unpaid at the end of February, there is an additional 5% added on top as a penalty. If people have yet to submit a return then they will not know if they owe any tax.
  2. Interest on unpaid tax. The 2018 tax should have been paid by 31st January 2019. Interest charges are already accumulating on any tax liabilities that people may be unaware about.
  3. Daily penalties. With a February reminder, affairs can be brought up to date before the second wave of fines start in May. These are daily amounts of £10 and can build up to £900 if the return is still outstanding after three months. Not receiving a reminder until late April means only a few days before the daily penalties start.

It is therefore important that anyone who has still not submitted a 2018 tax return does so as soon as possible – without waiting for a HMRC reminder to arrive. Otherwise they could find their liabilities increased significantly.

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Accountant in Surrey

Are you looking for a personal tax specialist?

I built up my tax experience in industry and practice over 17 years before founding my own practice in 2006.

Based in Cobham, Surrey I can also help clients throughout the UK.

  

My goal is to make personal tax and accounts for the self-employed as easy as possible for clients

 

Award-winning Accountant

Small Business Saturday is the UK's most successful small business campaign. Only one hundred of the UK’s top small businesses are selected each year for the SBS100. They act as trail-blazers in the official count-down towards the annual event.

I was one of the alumni from the 2014 Small Business Saturday 100, resulting in two visits to Downing Street.

In the Surrey Digital Awards from 2015 - 2018, I was also the winner of several top awards.

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