As many as 890,000 people face a £100 fine for failing to file their online tax returns on time, HM Revenue and Customs (HMRC) has said. The deadline for self-assessment returns covering the tax year ended 5 April 2014 was midnight on 31 January 2015.
The number failing to meet the deadline was greater than last year, but well below the 1.6 million recorded in 2010. Further fines are imposed if people fail to complete their returns after three, six and 12 months.
However, the number of people meeting the deadline also improved, with 10.24 million people filing before the 31 January. “This is another record-breaking year for self-assessment, with 210,000 more people filing their returns on time than last year,” said Ruth Owen, HMRC’s director general of personal tax.
If you haven’t filed – you’ll be penalised; apart from the initial £100 penalty, the subsequent fines are as follows:
• After three months, additional daily penalties of £10 per day, up to a maximum of £900
• After six months, a further penalty of 5% of the tax due or £300, whichever is greater
• After 12 months, another 5% or £300 charge, whichever is greater
This is all very well – but what should you do about it if you have missed the deadline?
Contact us – we can help:
1) Did you have a reasonable excuse? If so we may be able to get a penalty waived. You must act now though, so don’t delay if you think this applies to you.
2) Get the outstanding return done – as the penalties will only increase.
3) Get prepared for the 14/15 tax year, which ends on 5 April 2015. We can start your return as soon as your information is ready.
Please call us on 01923 257 300 to discuss further.