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January 31st has come and gone, and your Self Assessment is sitting there taunting you – incomplete, unfiled, and still weighing on your consciousness.
So what now? Will you be bankrupted by late filing fees from HMRC, or can you just forget about it?
The deadline for those filing on paper is long gone – 31st October.
For the majority who file online, the deadline was 31st January. More details on Gov.uk here.
If you were self-employed in the tax year 2013/14, you needed to meet this deadline to avoid a fine.
If you left your Self Assessment until the eleventh hour and can’t get a UTR number or bank statement in time (or more likely, forget entirely) and missed the deadline, this is what will happen:
All this means that if a year has elapsed and no personal tax return has been received by HMRC, you will be looking at a minimum fine of £1,600.
In addition to these standard fines HMRC have the power to punish those they believe are intentionally withholding information from them or deliberately concealing their tax liabilities, including imposing a penalty equal to 100% of the tax owed on top of any other fines.
So, to avoid sleepless nights and needless fines get your Self Assessment’s sorted out pronto!
We can handle our clients’ Self Assessment worries by producing and filing your return before it becomes a problem. Prices begin at £75+VAT, dependent on the complexity of your personal finances. If you’ve made a pig’s ear of your return this year, register now to guarantee a stress-free January in 2016.
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