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Home » News & Insights » Tax Return Season Is Here

Tax Return Season Is Here

Posted on 2nd December 2020

Christmas sees the team at MJB 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 21st consecutive year.

Last year over 11 million taxpayers were required to complete a tax return, with over 3,000 taxpayers submitting their tax returns on Christmas Day and a further 9,254 taxpayers completing their tax returns on Boxing Day. If you are filing online for the first time you should ensure you register to use HMRC’s Self-Assessment online service as soon as possible.

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 in addition to the original £100 penalty.
  • 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)

Almost 1 million people missed the previous deadline – were you one of them? MJB 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

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Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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