What penalties arise if my tax return is late?
As mentioned in one of our previous postings, the final deadline for submitting a self-assessment tax return is 31 January following the tax year of assessment. If the tax return is not submitted by that date then a penalty of up to £100 arises. This may be mitigated in certain circumstances though!
In addition to the late filing penalty, the Revenue's enquiry window is extended from one year following the date on which the return is delivered to the quarter day (31 January, 30 April, 31 July or 31 October) after the first anniversary of the day on which the time and was filed.
It is therefore advisable to get your tax return in on time and if you need our assistance, please get in touch and remember an initial consultation is FREE!
The above is for general guidance only. Buick & Co Chartered Tax Advisers take no responsibility for this blog and its reliability. If any tax planning is to be undertaken specific advice should be sought beforehand from a professional tax advisor.