Tax due.
If you haven’t received a notice from HMRC to complete a self-assessment tax return for 2013/14, but you think owe income tax, Class 4 NI or Capital Gains Tax for that year, you have until 5 October 2014 to tell HMRC about it.
If you miss the deadline HMRC can fine you an amount equal to any tax paid late as a consequence.
Tell HMRC.
You should tell HMRC that you think you owe tax for 2013/14 by letter. You don’t need to say how much you think is payable, just that you believe you will owe some. It is then up to HMRC to tell you that a tax return is required. You’ll then have until 31 January 2015 or three months from the date HMRC told you that a return was required, whichever is later, to submit the tax return and pay what’s due.
If you miss the deadline you can still avoid a penalty by asking us to work out how much tax you owe and by you paying it to HMRC by 31 January 2015 at the latest.
For further details email us on enquiries@avantigroup.uk.com