Now the 31st January deadline for 2018-19 self-assessment tax return submissions has passed, TaxAssist Accountants can confirm it has filed more than 100,000 personal tax returns on behalf of its nationwide client base.
The network’s clients are a broad spectrum of businesses, as well as self-employed professionals, contractors and property landlords. All of whom lean on their accountants’ knowledge and expertise to organise their financial affairs, file their returns accurately and on time, and minimise the amount of tax owed.
As the UK has one of the most complex tax systems in the world, hard-working business owners often struggle for time to prepare even the most straightforward self-assessment tax return.
Furthermore, HM Revenue and Customs (HMRC) is not obliged to advise the self-employed community on how to organise their financial affairs and minimise the tax they pay.
Samantha Skyring FCCA, Senior Training and Communications Manager at TaxAssist Accountants said: “Almost a million UK taxpayers missed the 2018-19 self-assessment tax return deadline, incurring immediate £100 late filing penalties.
“Our nationwide network of 375 offices helps businesses, self-employed individuals and those with second incomes to accurately calculate and pay their tax liabilities on time.
“There are many benefits to being organised and arranging your self-assessment tax return well in advance of HMRC’s deadlines.
“First and foremost, you can start budgeting for your tax bill and manage your cashflow accordingly. However, for those who are due a tax refund, it can allow you to receive the money you are owed sooner rather than it sitting in HMRC’s bank account.
“Our accountants encourage the UK’s business community to not delay the inevitable and avoid late filing penalties that become an unnecessary drain on business finances.”
What are the penalties for missing a self-assessment tax return deadline?
Those who miss the 31st January deadline for the online submission of self-assessment tax returns are hit with an automatic £100 late filing penalty, regardless of how much tax you have outstanding.
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Taxpayers with tax returns overdue by more than three months will be hit with £10 daily penalties, which continue until they hit a £900 peak.
Should the tax return become more than six months late, a penalty of the higher of £300 or 5% of your tax due will be charged.
The same level of penalty is applied again if the return becomes more than 12 months late. All these penalties are in addition to one another and, as a result of this, the penalties for a late tax return could reach more than £1,600.
If you have missed the deadline to submit a 2018-19 self-assessment tax return and need help, it’s important to call us on 0800 787 0628 as soon as possible to minimise any penalties you may face.