For many of you out there (except the extremely well organized!) your self-assessment tax return for the year ended 5 April 2013 will now be due.
Paper returns must be filed with HMRC by 31 October 2013. There is an extended deadline for online returns which must be filed before 31 January 2014.
This may seem like a lifetime away, but these dates tend to have a nasty habit of creeping up on you whilst you are busy working hard. This January, HMRC announced that an estimated 850,000 thousand people failed to file their returns on time.
The penalties for filing of your tax return late can be severe. For those who are one day late, a penalty of £100 is applied. This is increased by £10 per overdue day up to a £900 maximum fine. After 6 months a further fine of £300 or 5% of the tax due is applied. This same fine is applied again after 12 months.
So if your return is 12 months late this year, you could end up paying £1,500 in fines – even if you don’t owe any tax!
If you have been working as a CIS subcontractor during the year and have had CIS deducted at source, you could be due a tax refund. That’s why it makes sense to complete your tax return as soon as possible.
At Simplyco we offer a tax return completion service. We are here to make completing and filing your personal tax return easy and hassle free.
Simplyco are expert contractor accountants and can fill out your tax return for you, saving you the hassle. To enquire about our CIS tax return service, please give us a call on 01900 898 440 or email firstname.lastname@example.org.
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