We are only six days into 2015 but ICS would like to remind all those that submit their own tax returns to ensure it is done before the deadline of 31st January. If your accountancy firm submits your return, ensure you give them permission to do so before the deadline. Here at ICS we have been busy completing our client’s tax returns.
Important Note: If you are choosing to file online and you have not done it before, you will have to register for online filing, and this requires postal verification which can take up to 10 days.
By submitting your self-assessment tax return late, you risk incurring a fixed penalty of £100 from HMRC and additional penalties for each day after 31st January, 2015.
The Association of Chartered Certified Accountants revealed that there could be as many as 10 million contractors, freelancers, or other self-employed that are yet to submit their tax return but they should be warned that their time is running out. The Chartered Institute of Taxation (CIOT) have also advised taxpayers to file their tax return ASAP.
No tax to pay? You still NEED to submit your tax return!
HMRC have advised that if you have received a letter but don’t owe any tax you still need to fill out a self assessment tax return and are not exempt from being hit with the penalty if you file it late or do not file it at all.
Don’t Delay, Submit Today!
For any help with submitting your tax return please visit www.gov.uk or if you’re a client of ICS, chat online to us now.