Christmas sees the team at Avanti working as hard as the elves in Santa’s workshop as we aim to submit all clients tax returns online.on time.no fine for the 20th consecutive year.
According to gov.uk, More than 700,000 returns were submitted on deadline day in 2018, with the peak hour for filing between 4pm and 5pm when 60,000 filed. The number of taxpayers who filed online reached more than 10 million for the first time.
What if you miss the submission deadline?
The penalties (as listed on gov.uk) for late tax returns are:
- an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time
- after 3 months, additional daily penalties of £10 per day, up to a maximum of £900
- after 6 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
There are also additional penalties for paying late of 5% of the tax unpaid at 30 days, 6 months and 12 months.
Still not registered for self assessment?
HMRC advise “If you did not send an online return last year, allow extra time (up to 20 working days) as you’ll need to register first.” Avanti can assist you with registering for self assessment.
Who has to file?
If your only income comes from wages or a pension, you don’t normally have to submit a tax return, but you may need to send one if you have any other untaxed income, such as:
- money from renting out a property
- tips and commission
- income from savings, investments and dividends
- income from self employment
- foreign income
- (this list is not exhaustive)
Are you one of the 700,000 people who missed the January 2018 deadline? Avanti (08000) 388 799 can help, and will be available to help you file online.on time. no fine right up to the deadline*
*subject to all applicable paperwork being received