Skip to content

Help With Late Tax Returns

Help With Late Tax Returns

Vanessa Cresswell

Vanessa Cresswell

Click edit button to change this text. Lorem ipsum dolor sit amet consectetur adipiscing elit dolor

Help With Late Tax Returns

Here at Three Kings Accounting, we cannot stress enough the importance of submitting your tax returns to HMRC on time. Many people aren’t fully aware of the implications of failing to do so by the deadline and so usually need help with late tax returns.

In this article, we are going to look at the penalties that can apply to these situations and how you can get help with your tax liability to avoid these unnecessary penalties.

The Range Of Penalties For Late Tax Returns

There are two types of penalty regimes that HMRC uses when it comes to income tax. The first is for filing your self-assessment tax returns late. The second is for not paying the ultimate tax bill by the deadline.

When it comes to filing your tax return, if this is up to three months late, you will face a fine of £100. If it’s even later than that, or if you do not pay your bill by the deadline, you will have to pay a fine in excess of this amount.

These later fines can be quite heavy. You will have to pay interest which will be charged daily after the three months.

If 90 days have passed, after the initial 3 months, and you have still failed to pay your tax bill, you will have to pay an extra penalty of £10 per day.

As you can see, these totals can begin to add up very quickly indeed, so it is vitally important that you keep on top of your self-assessment obligations.

Further Penalties For Deliberately Withholding A Tax Return

After 6 months, a further penalty which stands at either £300 or 5% of tax due hits you. And after a full year, the same penalty will apply again.

However, if the bill has not been paid after 12 months and HMRC believes you are deliberately withholding information, then the situation becomes a lot worse.

At this stage, 70% of the tax due can be added as a fine on top of whatever else is owed. It can even rise to 100% if there is deliberate concealment.

You don’t want to have to deal with these kinds of filing penalties or payment penalties. This is why it’s so important to stay on top of your taxes and get help when you need it.

How Three Kings Accounting Can Help With Late Tax Returns

Here at Three Kings Accounting, we offer both corporate and personal tax accountant services. Our services remove the headache of filling in all the paperwork yourself and keeping notes of all the payment dates.

Our specialist team will help with the completion of both personal and corporate tax returns. This includes online filing, advising on payment dates and how to pay. We can even deal with HMRC on your behalf, if you wish, taking out all of the hassles.

We have the experience and the professional accounting expertise to ensure you never have to worry about filing your tax returns late or being charged a penalty by HMRC ever again.

So, if you’re unsure of how to tackle your taxes and you don’t want to be hit by heavy fines, get in touch with us now. Call our team on 01753 840 188 or by emailing office@threekingsaccountingltd.co.uk.

Share this with your friends

Share on facebook
Facebook
Share on google
Google+
Share on twitter
Twitter
Share on linkedin
LinkedIn

More to explore

Venture Capital Trusts

Venture Capital Trusts (VCTs) are complementary to the Enterprise Investment Scheme (EIS), in that both are designed to encourage private individuals to invest in smaller high-risk unquoted trading companies affected by the equity gap. While the EIS requires an investment to be made directly into the shares of the company, VCTs operate by indirect investment through a mediated fund.

Read More »

VAT Flat Rate Scheme

The flat rate scheme for small businesses was introduced to reduce the administrative burden imposed when operating VAT. Under the scheme a set percentage is applied to the turnover of the business as a one-off calculation instead of having to identify and record the VAT on each sale and purchase you make.

Read More »

VAT – Seven Key Points for the Smaller Business

This factsheet focuses on VAT matters of relevance to the smaller business. A primary aim is to highlight common risk areas as a better understanding can contribute to a reduction of errors and help to minimise penalties. Another key ingredient in achieving that aim is good record keeping, otherwise there is an increased risk that the VAT return could be prepared on the basis of incomplete or incorrect information.

Read More »

VAT – Cash Accounting

Cash accounting enables a business to account for and pay VAT on the basis of cash received and paid rather than on the basis of invoices issued and received.

Read More »

VAT – Bad Debt Relief

It is quite possible within the VAT system for a business to be in the position of having to pay over VAT to HMRC while not having received payment from their customer. Bad debt relief allows businesses, that have made supplies on which they have accounted for and paid VAT but for which they have not received payment, to claim a refund of the VAT by reference to the outstanding amount.

Read More »

VAT

VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the tax revenue collected by them. The VAT system is policed by HMRC with heavy penalties for breaches of the legislation. Ignorance is not an acceptable excuse for not complying with the rules. We highlight below some of the areas that you need to consider.

Read More »