Anyone who fails to complete their tax return on time and pay the tax they owe is automatically issued a £100 fine by HMRC which increases singinficantly once the return is over 3 months' late.
HMRC have recently stated that they would prefer not to have to issue penalty fines but for tax returns and payment to be made on time as their focus is on investigating major tax avoidance and evasion.
Although it is widely known that company directors and people who are self employed need to complete a tax return others may not be aware that they are required to. For example if you fall into any of these categories you will need to complete a self assessment tax return:
If in doubt check with an accountant with tax expertise, such as Turner & Co who advise many companies and individuals.
"By speaking to an accountant unnecessary fines can be avoided" advises Margaret Turner from Turner & Co
"An accountant can help ensure you have the right information and that your self assessment tax returns are submitted on time and correctly, avoiding unnecessary errors and sleepless nights."
For the Financial Year 6 April 2014 - 5 April 2015 the deadlines are as follows:
