Have you cut it a bit fine this year?
Don’t stress, all is not lost.
If you still need to submit a tax return for this tax year you should be able to meet the deadline.
We can send your 2014-15 figures right at the last minute and still escape a fine.
HMRC received over 4 million tax returns during January last year – 980,000 of which were sent on the last two days of the month!
Could you be excused?
If you fail to meet the midnight deadline on January 31st, HMRC are rarely accepting of excuses.
In cases where a reason is suitable for lenience, HMRC will expect you to provide a tax return as soon possible and then appeal against the automatic late fine.
Support for victims of floods
During December 2015 HMRC set up a helpline (0800 904 7900) for anyone affected by severe weather and floods experienced in the UK.
The helpline has been created to let anyone who is affected by the severe weather to get practical help and advice on a range of different tax problems
In respect to the affects of the affect the weather might have on individuals making the Tax Return deadline. HMRC has undertaken to:
• Allow installment arrangements to taxpayers who are unable to pay as a result of the floods;
• Allow a ‘practical approach’ when individuals and businesses have lost records;
• Stop penalties when the taxpayer has missed statutory deadlines.
• Delay debt collection proceedings;
Are you going to miss the tax return deadline?
For whatever your you may miss the January Tax Return deadline, it is essential you submit a tax return as soon as possible, even if you don’t have any tax to pay. The longer you delay sending in your return the larger the risk of further fines.
Have you have missed the deadline before?
If you’re stuck, remember that help is available. You can ring us for help (+44(0)20 3829 3492). We can offer you clear guidance on what to declare, the tax deductible expenses you are able to claim and how to pay tax on investments.
The government plans to switch to a more regular form of assessment, according to some recent reports.
Do you think this new approach will help, or will it simply add to your paperwork? Let us know.
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