With the paper filing deadline recently passed, and the online filing deadline of 31 January looming, here are 4 good reasons to ensure you file on time this year.
- Avoid harsh penaltiesThis year, the fines for late filing of tax returns has increased quite substantially and late payers could face fines of up to £900 and even more in certain instances. The previous £100 penalty was not proving to be enough of a deterrent, so from October this year, anyone who files late will be subject to the £100 penalty, plus an additional £10 per day, once the return is 3 months late.
- Avoid stressThere’s nothing worse than that uncomfortable feeling when there’s something you’ve neglected and you know it could cause problems for you. Why prolong that feeling or even have it in the first place? You need to file your return eventually anyway, so why not on time? Avoid the January rush to file your return – use the quieter lead-up to Christmas to get it done and start the new year knowing you don’t have to worry about it for another year!
- Avoid scrutinyIf you have been asked to file a return and it gets picked up that you haven’t done so, your whole tax history and business could be under scrutiny… Do you really want HMRC on your back, digging through your records, auditing your business? Stay up to date and avoid drawing any negative attention to yourself or your taxes!
- Get your tax refund on timeIf you have overpaid tax (and most people have), you won’t be eligible for your refund, if your latest tax return hasn’t been received by HMRC. They are not going to go out of their way to get your money back to you, so the best you can do is be diligent about staying 100% up-to-date with your returns, and then apply for and enjoy your tax refund when it’s due to you!
For assistance with any tax matters, visit www.1stcontact-accounting.com.
If your tax matters are up to date and you would like to apply for a refund, visit www.1stcontact-taxrefunds.com.