27 May Have you submitted your 2015 tax return?
Have you submitted your 2015 tax return?
Have you filed your personal tax return for the 14/15 tax year? If you haven’t, then you have now entered the awful £10 per day penalty treatment.
The 2014/15 tax return (tax year 6th April 2014 to 5th April 2015) was due to be filed online by 31 Jan 2016 and the penalties for late filing would look something like this:
• If NOT filed online by 31 Jan 2016 there is an automatic £100 penalty;
• If still NOT filed by 30 April 2016 (3 months late) then from 1 May 2016 there are daily penalties of £10 per day up to a maximum of £900;
• If still NOT filed by 31 July 2016 (6 months late) the penalty is either 5% of the tax due or £300, whichever is more;
• If still NOT filed by 31 Jan 2017 (12 months late) there is another penalty of either 5% of the tax due or £300, whichever is more.
Not forgetting interest. This will also be charged on both unpaid tax and unpaid penalties. 5% on tax due if 30 days late from due date, another 5% of tax outstanding if 6 months late and another 5% of the tax balance if 12 months late.
So if you haven’t filed your 14/15 tax return yet, let us help you to minimise the interest and penalties. Contact us now…..……
#selfassessment #tax #hmrc #accountants #MakeSenseUk