Those who still need to file their self-assessment tax return are being urged to act now or risk facing penalties.
HMRC’s data shows that there are still 3.8 million people yet to complete theirs by the 31st of January deadline.
If you’re unable to pay in full, you may be able to set up a Time to Pay arrangement, and if you owe less than £30,000 you can do this online without having to even speak to HMRC.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said, “If you are a Self Assessment taxpayer, now is the time to take action and get your return done. People can familiarise themselves with the process by checking out HMRC’s online resources on GOV.UK.
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“Once a tax return is submitted, it’s easy to find out what’s owed and to pay online or using the HMRC app. Just search ‘pay my Self Assessment’ on GOV.UK to find out more.”
If you are late filing your tax return then you can expect to face penalties, which are as follows:
- 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
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