Missed January Deadline
Not filed your Tax Return Yet?
Every year thousands of people miss the 31st January Self Assessment Tax Return deadline and no doubt this year will be no exception. According to BBC News, in January 2015 890,000 missed the deadline and received £100 penalties from HMRC. However, what many people do not know is that anyone who still hasn’t submitted their Self Assessment Tax Return by the end of February 2016 faces another penalty, and then more penalties as time goes on. It is therefore important that even if the January deadline has been missed, people still submit their tax returns as soon as possible.
Generally, appeals against late filing penalties are unsuccessful, so again it is worth not letting the fines build up. If you bring your paperwork to us, we will endeavor to submit your tax return as soon as possible to prevent the escalation of fines and penalties. There may however be a small amount of interest on any tax due by the 31st January 2016 deadline. Even if you are not registered as our client, we can use commercial self assessment software to speed up the submission, just come to our office and we will guide you through the process.
The overwhelming majority of our client’s brought their paperwork into our office well within the time we asked, so a big thank you for helping us to help you. We are happy and proud to be able to say that everyone who brought the paperwork to us for the 2014-2015 tax year before the 31st January self assessment deadline, had their tax returns submitted in time. We finally submitted the final few tax returns on Saturday 30th January, a whole one day before the deadline!
We are now already starting work on organizing our office to start the next tax year and look forward to hearing from you all in April!
The Abacus Team.
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