Late tax returns – the consequences….

Whilst we may be wiping our brow and breathing a sigh of relief that January is done and dusted and the tax return deadline has passed, it is worth keeping in mind what the implications are of missing the deadline – if only to keep ones eye on the ball for January 2016…!

So we thought we would look at the penalties, charges and key dates:

31 January 2015:

If you did not submit your tax return by this date an automatic penalty of £100 will have been levied, even if you have already paid your tax liability or you have no further tax due.

28 February 2015:

If you have not paid your tax liability for 2013/14 in full, a 5% penalty will be levied on the amount of tax outstanding at this date.

30 April 2015:

If you have not submitted your tax return by this date, daily penalties of £10 per day will be charged – maximum 90 days.

31 July 2015:

If you have not submitted your tax return by this date, a further penalty of 5% of your tax liability will become due.

31 July 2015:

If you have not paid your tax liability by this date, a further 5% penalty will be levied on the amount of tax outstanding.

If you missed the deadline, struggled to calculate or submit your own return or would like some advice on managing your personal income and to ensure no late tax return next year, please contact us today.

Have you heard about Kashflow yet? Read about the benefits of this accounting software here.