Tax Return Deadline

It’s now too late to file your 2014/2015 personal tax return before the January 31st deadline so there’s no longer any rush to get it done, right? Actually, wrong, on several counts and potentially a very expensive mistake, so don’t just go to sleep now the tax return dadline has gone. So what will HMRC do now? Well, apart from the fact that the time HMRC have to enquire into your tax return grows the longer you leave filing the return, there are some very nasty financial penalties to watch out for in addition to the £100 fine for missing the tax return deadline thatyou are already facing.

1. Firstly, a 5% surcharge will be added to any tax due at the end of February. That may not be of concern if you are expecting a refund, but if you have a substantial tax liability it will be a nasty surprise.
2. From 1st March HMRC will start to add daily penalties which within a few weeks could add up to an additional £1,800 to pay. And they will collect!
3. And all the time the interest clock is running on any outstanding amounts due since the tax return deadline.

So the tax return deadline isn’t the only date to be concerned about and our advice would be not to delay any longer. There is another 5% surcharge coming along in six months time and if you continue not to file your return then HMRC will raise a determination which is basically their guess at the tax you owe. And you will due to pay that amount unless you finally file your tax return. We have acted for clients who had determinations over £5,000 when it turned out that they were due a refund when we filed the return!
So don’t delay and get in touch as soon as possible.