Self-Assessment Deadline Looms

It’s a serious matter if you miss the Self-Assessment deadline on 31st January and will end up costing you more too!

Penalties

  • If you miss the tax return deadline of 31st January a fixed penalty of £100 applies.
  • If after 3 months it still has not been submitted then a charge of £10 per day up to £900.
  • If after 6 months your return is still outstanding then a charge of £300 or 5% of the tax due, whichever is the greater will apply.
  • After 12 months a further £300 charge or 5% of the tax due will be applied.
  • There are additional penalties of 5% of the unpaid tax at 30 days, 6 months and 12 months too.

If you have a valid reason, that is ‘something unexpected or outside of your control that stopped you meeting a tax obligation,’ you may appeal to HMRC and appeal to their better nature, but, each appeal is treated as a unique case so you cannot second guess HMRCs response as there are no hard and fast rules.

Excuses

Unusual excuses, HMRC have heard them all before…but, you probably haven’t.  Here are 10 of the best that were ultimately unsuccessful in 2017 when appealed;

  • “The postman doesn’t deliver to my house.”
  • “My internet connection failed.”
  • “My husband told me the deadline was the 31st
  • “I work for myself, but a colleague borrowed my tax return to photocopy it and lost it.”
  • “My child scribbled all over the tax return, so I wasn’t able to send back.”
  • “I couldn’t complete my tax return, because my husband left me and took our accountant with him. I’m trying to find a new accountant.”
  • “My dog ate my tax return, and all of the reminders.”
  • “My wife helps me with my tax return, but she had a headache for ten days.”
  • “A wasp in my car caused me to have an accident and my tax return, which was inside, was destroyed.”
  • “My tax return was on my yacht…which caught fire.”

Deadline day looms and the sooner you provide us with your records enabling your tax return to be compiled, provided and signed off for submission the sooner we can submit it by the 31st January.

We can’t give you an excuse, but, we can help, if you contact us

Thanks for reading