April 14, 2017

Have you missed the January tax deadline?

It is a legal requirement to complete your tax return each year. However, out of the 11 million people expected to do so, each year not everyone does! A missed tax deadline can result in a fee. Did you miss the deadline and want to know your options? A Glasgow accountant is more than happy to offer you the best tax guidance!

Normally, if you are filing your tax return late there is a fine that has to be paid to HMRC. You are legally obliged to complete a tax return if you receive one!

missed tax deadline

What do I do if I did not submit the tax return?

After the missed tax deadline, there will have been a penalty issued to you from HMRC. You will receive a fine of £100 if the tax return is up to 3 months late. However, if you do not submit your return after 3 months the penalty will increase. With charges in place at 6 months, 12 months and a daily £10 charge put in place after 3 months. Your tax penalty bill could go up to £1,600!

Be careful! No matter if there is no taxed owed, you still need to submit a return. An automatic late payment penalty will be placed even if there is no tax owed.

tax documents

Have an excuse?

When it comes to excuses the HMRC say that you should complete and return a reasonable excuse form as quickly as possible. Now, 3 months after the January 31st 2017 submission date, a missed tax deadline excuse should have been addressed at the very least.

Help from The Kelvin Partnership, will be able to help with any penalty payment plans and provide you experienced advice!

Fantastic team and service helping my start up business to now growing and being established within my industry. Brian meldrum offers my business great advise and expertise and highly recommend their amazing services. – Jamie Cuffy, Beata Lei

What are the reasonable excuses HMRC accept?

The excuses that HMRC accept include;

  • Failure in the HMRC computer system
  • If you claim to have a serious illness, disability or a very serious mental health condition. For this case, the it is probable to expect to have to provide a doctor’s note.
  • If you did not receive your activation code in time
  • If your computer breaks down during online return process

However, this long after the missed tax deadline, being successful in voiding the penalty due to having a computer error is unlikely.

tax meeting

How can I make sure this does not happen in the next tax year?

Why not consider using an accountant this time around? To avoid any stress and late payment penalties, an accountant from The Kelvin Partnership will be able to take this responsibility off your hands. We can provide any advice, guidance and have the experienced accountants necessary to help with any other finance issues you may have.

If you would like to use any of our accountancy services or just need some advice, contact us.