There are only a few days to go for people submit their self-assessment tax returns or face additional fines, independent chartered accountants WBV Ltd has warned.
From May 1st, people that have yet to send HM Revenue & Customs (HMRC) their returns will incur a five per cent or £300 penalty if their 2013-14 paper self-assessment form is outstanding.
Also, daily penalties of £10 per day for a maximum of 90 days will start from the same date if an online self-assessment return is outstanding.
Figures from HMRC issued in February showed that more than 890,000 people failed to return their self-assessment tax returns in time for this year’s online deadline of 31 January 2015.
These people will have already received a £100 late filing penalty but if a return is more than three months late, daily penalties of £10 per day, up to a maximum of £900, are charged.
If you leave it longer and a return is not filed within six months, an additional penalty of £300 or five per cent of the tax due for the tax year is applied, depending whichever is greater.
This, warns Neath and Swansea based WBV, adds up to a total of at least £1,300 due, even if it is discovered that you do not owe any tax at all.
A further penalty will be issued if the return is not filed within 12 months; although at this point HMRC can regard a case as being more serious and a higher penalty of up to 100 per cent of the tax due can be issued.
Said WBV partner, David Rowe, “If you feel unable to complete and file your return or are worried about potential errors in the return you wish to send then the best step may be to seek professional help. By speaking with an accountant you can ensure your documents are accurate, removing unnecessary stress and anxiety.
“Failing to file your tax return on time can have large implications for you and your business, but with professional help, the late-filing fines can be kept to a minimum.”
NOTES TO EDITORS
For further information, please contact:
David Rowe
WBV Limited
Tel: 01639 635555
Email: davidrowe@wbv.ltd.uk
The Third Floor
Langdon House
Langdon Road
SA1 Swansea Waterfront
Swansea
SA1 8QY
Tel:01792 652108
Woodfield House
Castle Walk
Neath
SA11 3LN
Tel: 01639 635555
WBV Ltd is a member of the prestigious UK200 Group of independent practicing chartered accountants with offices throughout the UK and associates overseas.