If you have already submitted your tax return – on paper format or online – all is well. However, failure to meet this deadline will generate an automatic £100 penalty from HMRC. Please also note that in case you owe tax for 2013, this will need to be paid in full by that deadline, too.
CIS Workers – Don’t Miss The Deadline For Your 2013 Tax Return!
Regardless if you already paid income tax at source (usually 20%) or if you were only self employed part of the tax year, this does not exonerate you from completing a tax return within HMRC’s deadline. Also, please bear in mind…that depending on your profit for that year, you may still owe Class 4 National Insurance Contributions.
Remember, the longer you put it off, the heavier HMRC’s penalties will become. These penalties stand as follows (source taken from HMRC website):
- Missing the 31st January deadline (even by one day!): £100
- 3 months late: £10 per day, up to a maximum of 90 days = £900. This is as well as the fixed penalty above
- 6 months late: £300 or 5% of the tax due, whichever is the higher. This is as well as the fixed penalties above
- 12 months late: £300 or 5% of the tax due, whichever is the higher. In serious cases you may be asked to pay up to 100% of the tax due instead. In some cases the penalties can be higher than this. This is as well as the fixed penalties above
What if you have more than one tax return outstanding? Well, then it looks like you’re in a bit of a mess but don’t worry, we can help you sort it out once and for all. The important thing is that you don’t ignore it as the problem won’t go away and the penalties will keep on accumulating… which isn’t what anyone wants, ultimately.
Want to know more?
What we charge 14% + VAT of the refund value due to you, subject to a minimum fee of £150 + VAT (we only charge one set of fees, whichever is the higher), per tax return. If you still haven’t submitted your tax return for the tax year ending 5th April 2013, get in touch with us without delay. We have helped thousands of individuals over the years by submitting tax returns on their behalf. We have the expertise and we know how to minimise your tax liability within the rules. Talk to one of our tax experts in all confidentiality for free advice and at no obligation to use our services: +44 (0)203 137 5773.
