DID YOU MISS TAX DEADLINE? BIZ BUREAU; BIZ TIPS.
Almost 750,000 people missed the deadline for filing their self-assessment tax return on January 31 and will get slapped with a PS100 fine.
If you still fail to get it in, you'll be hit even harder as HM Revenue and Customs will begin to pile up the charges - starting with PS10 per day if your return in more than three months late.
We've teamed up with Dawn Register, tax partner at global accountancy firm BDO, for her top 5 tips on how to limit the damage if you missed the deadline
1. If you haven't already organised an online account, don't delay. This takes some time, particularly setting up the latest security updates from HMRC which include downloading their app on your smart phone or tablet. For the technophobes this requires full concentration. Don't leave it any longer to get started.
2. Make sure you have all the relevant papers to hand before you start filling in the form - a basic point but it's crucial to avoid errors or omissions down the line. This will include downloading or requesting bank statements, expense receipts, employment income and self-employed records.
3. Read HMRC guidance notes and manuals where you need help. However, this should be taken with some caution as they are not necessarily the strict letter of the law. If your affairs are complicated then you should always seek expert advice from an accountant or chartered tax adviser. HMRC will expect this. Remember - tax rules can be illogical and counterintuitive.
4. Don't forget to pay any tax you owe as late payment penalties can also apply. Even if you cannot afford to pay tax immediately it is still best to file as soon as possible and then contact HMRC to arrange time to pay. Leaving this any longer means HMRC may guess your bill and take debt recovery action.
5. Keep it simple where you can. Don't include what is not needed as there are a number of tax-free sources of income that do not need to be reported on returns whatsoever. For example ISAs, premium bonds, lottery wins, gambling winnings and the occasional eBay sale.
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|Publication:||The Mirror (London, England)|
|Date:||Feb 7, 2018|
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