HM Revenue and Customs (HMRC) is warning people who have to complete a 2013/14 tax return that paper returns received after the 31 October deadline will result in a £100 penalty.
HMRC can issue the £100 late-filing penalty even if you have no tax to pay, or you pay your tax on time. The more you delay sending in your paper return, the more you could pay, as there are further penalties after three, six and 12 months.
If you’re not able to submit a paper return by the end of the month, there is a simple way to avoid a £100 penalty – send your return online by 31 January.
As well as having an extra three months to send your return, filing online means your tax is calculated automatically and your return is processed faster. This means any tax refund you’re due is repaid more quickly.
Whichever way you choose to submit your return, the deadline for paying any tax you owe is 31 January.
Do you need to file a tax return? Why not get in touch with us – and save yourself the hassle of doing it yourself. Nine Ashes Bookkeeping is an independent accounting and bookkeeping firm based near Ongar, Essex. We provide affordable, knowledgeable, and professional accounting and bookkeeping services to small and medium sized businesses in Essex – serving the Brentwood, Chelmsford, Billericay, Harlow, Epping, Ongar and Ingatestone areas.
We will make sure your tax return is filed on time and, should you owe any tax, our expert tax knowledge means you will never pay more tax than you should.