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Are You One In A Million?

Being labelled one in a million is usually a compliment – but not when it comes to tax returns!

The results are in and nearly 1 million people missed the tax return deadline this January 31st.

In comparison, this is a slight improvement on last year, and just over 11 million people did hit the deadline.

 

If you’re one of the million who did miss your tax return deadline you can expect to be fined unless you have a genuine excuse and speak to the tax authority.

 

What fine can you expect to receive?

If you file your tax return within 90 days of the deadline you face a penalty fine of up to £100. After that, you’re at risk of the HMRC fining you an additional penalty of £10 a day up until a maximum of £900.

For those who fail to submit their tax return after 6 months face even larger fines of potentially thousands.

 

If you missed the deadline this year or became close to the wire (700,000 submitted on deadline day!), ensure you never risk fines in the future by coming to Asquith & Co.

For assistance with submitting your overdue tax return, call us on 01723 366102 without delay.

 

Disclaimer: This blog and the information it contains, do not constitute advice from Asquith & Co. We are not responsible for any action taken by the reader, and if the reader acts on this information, they do so at their own risk. If you would like assistance with any of the matters contained in this blog or with anything else, contact us on 01723 366102.

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