Self Assessment Deadline Looming!
This is a busy time of year for all of us, following the Christmas holidays we all have to get back into work when the days are dark and the clouds are grey. Don’t let that post holiday hiatus lead you into problems with the tax man though. The tax man waits for no one!
The paper submission date has long passed, so by midnight Sunday 31st January 2016 you must submit your self-assessment online. Failure to do so will result in an instant fine of £100 and then further penalties the longer you delay. Some 2.5 million tax returns are yet to be submitted to HM Revenue and Customs (HMRC) with the final deadline looming (31/01/2016).
You will still be fined if you do not submit your self-assessment form even if there is no tax to pay, fancy paying £100 for not owing tax, just because you submitted your forms too late?
Are you a parent claiming child benefit and one or more parent earns in excess of £50,000 you are required to pay back some of that benefit in income tax, if one parent has a taxable income of more than £60,000 then you have to pay it all back!
The HMRC website http://www.hmrc.gov.uk/ allows you to file your tax return for free but you have to know what you are doing in the first place, what you have to pay on, what is exempt.
So how would be a good way to avoid this unnecessary expense? Hire a good bookkeeper of course!
To have a look at 10 of the oddest excuses for a late tax return Click Here