Over 746,000 people missed the UK tax deadline to file their self-assessment tax return, risking a fine of £100 or more.
The HMRC have said that despite the high amount of late filers, 2018 has reached record numbers for taxpayers filing on time.
Angela MacDonald, director general for customer services at HMRC said
“ If you’re one of the small number that missed the deadline, please submit your return now to avoid further penalties. We really don’t want penalties, we just want tax returns.”
POINT SYSTEM
The current HMRC point system I place means that the HMRC are able to demand a penalty of £100 for late filing during the first three months after the deadline. After the three months, additional penalties of £10 per day can be demanded, up to a maximum of £900, followed by a further six and 12 months after the deadline.
In serious cases, if you’re more than 12 months over due with your tax return you may be asked to pay up to 100% of the tax due as well as any tax you owe, thus doubling the payment.
Should you have filed a tax return?
You must fill in a tax return if:
· you're self-employed, a business partner, or director of a limited company
· you're an employee or pensioner with an annual income of £100,000 or more
· you have a pre-tax investment income of £10,000 or more
· you're a 'name' at the Lloyd's of London insurance market
· you're a minister of religion
· you're a trustee or representative of someone who has died
I’ve missed the tax deadline, what can I do to avoid a fine?
If you have a genuine reason why you missed the tax deadline the HMRC may waive the penalty for a late return if you can provide a ‘reasonable’ excuse.
The HMRC states that a reasonable excuse for missing the deadline is ‘normally something unexpected or outside of your control that has stopped you meeting a tax obligation’.
· An unexpected serious illness
IF YOU’RE OVERDUE CONTACT US TODAY AND GET BACK ON TRACK