Assuming you don’t complete and file the 2013 tax return before the 31st January 2014 deadline, it will cost you:
An instant £100 fine on 1st February 2014 plus:
• After 3 months late – additional fines of £10 per day for up to 90 days, then
• After 6 months late – another fine – the greater of £300 or 5% of the tax due
• After 12 months late – a further fine – the greater of £300 or 5% of the tax due
Plus up to 100% tax penalties for incorrect declarations or also for failing to notify HMRC – and you’ll also pay interest on any tax due as well as a 5% tax penalty after 30 days, 6 months and 12 months overdue.
These penalties are unrelated to your tax position, so even if you are due a refund they will still be payable.
Failing to submit a return for a year, with no tax actually due, could cost up to £1600 in fines now…
Unless you get help to ensure that you meet the tax return deadline.
So, you could find that the cost of getting help is much less than the potential fines that can be charged – and accountancy fees also qualify for tax relief as well, bringing down your tax liability.
Please do get in touch to see how we can help you, before it’s too late.