Tax Returns – Clock is Ticking

Don’t forget that the deadline for filing your 2015/16 self-assessment tax return is 31 January 2017.  If the return is filed between 1 day and 3 months late the penalty is £100.  If it is filed more than 3 months late the penalties begin to rack up very quickly to £900.  If the return is still outstanding after six months tax related penalties are chargeable even where the tax has been paid on time,  if your liability is substantial the penalty could be very expensive indeed.  If you have not provided the information to us to prepare your tax return please let us have as quickly as possible.

HMRC may not issue you with a payslip to pay your tax on 31 January 2017 but you must still pay any tax liability on that date, if the tax liability is still outstanding after 28th February an automatic 5% late payment penalty will be raised in addition to interest.  If you have not received a payslip you can either go to   https://www.gov.uk/pay-self-assessment-tax-bill  and when making a payment you should quote your full 10 digit self-assessment reference followed by K.  If you prefer to pay by cheque then we can prepare a payslip for you.