Are you yet to submit last years tax return?

As you will be aware your 2016/17 self-assessment tax return was due for filing by 31 January 2018 but are you aware that if you have missed this deadline and are still yet to file this there is not only the standard £100 penalties for late filing incurred, you will now also now be incurring a daily penalty.

By not filing by 31 January 2018 there is a standard £100 late filing penalty will be charged.

There is an additional penalty which will be already incurring starting from 1^st May 2018 at £10 per day for a maximum of 90 days.

If the return is still outstanding by 31 July the initial late filing penalty and the daily penalties will amount to a total of £1,000. In addition to these a further penalty of at least £300 becomes chargeable.

The automatic penalties take no account of the amount of tax an individual owes. Even if you do not owe anything or you are due a refund the penalties will still apply.

If you for any reason you haven’t submitted your tax return please make it your priority to do so.  Gemma at Crowther Chartered Accountants is always happy to offer advice and a helping hand. Call her on 01484 515544