February 2006 - Small Business News

Self Assessment - Are You Late?
 

Unless your tax return was sent to you after October 31st, you should have filed it by now! Those who received it in November or later have three months from the day they received it to hand it in.

We have had several emails from people asking about the charges they may face for not filing on time, so here is the information on what you may be charged:

As soon as you miss the deadline, you will have to pay a penalty of £100; and if you still have not returned the form after six months you will be charged another £100.

You may also find that you are charged interest on any amounts that you owe, as they have not been paid at the deadline date.

In the rare cases that HM Revenue and Customs believe that the penalties are not sufficient to encourage you to submit your return, they are able to impose a fine of up to £60 a day. While this is not common, it means that you should not ignore any fines or reminders that you get from HMRC.

The HMRC helpline is available on 0845 9000 444 if you need further advice.

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