Anyone who is required to file a return but misses the deadline receives an automatic £100 fine from HMRC. The fine is imposed regardless of whether you owe tax or not. If you fail to file a return within three months, by the end of April in other words, HMRC can then impose an additional £10 daily fine for each of the next 90 days, which can make the fine anything up to £1000. It’s even more important not to leave things until the last minute if you think you might have a query as HMRC contact centre telephone queue times have doubled in recent years and response times can range from weeks to months.
How can you make sure of complying with the deadline every time?
If you are a sole trader or partnership, preparing annual accounts is something your business must do. Your accounts should not become a compliance burden for you, instead they should provide you with the essential information on the performance of your business. This in turn will help you to make better informed business decisions.
How can Spectrum help?
- Spectrum Accountancy Solutions are able to work with accounting records of any type from a bag of paperwork to an online or desktop-based accounting system.
- As part of the self-assessment process we will ensure that we work through your numbers with you at a pace that suits you to ensure that you have a full understanding of your accounts and their implications for your business.
- Spectrum can help you get together the information needed to complete the assessment.
- By completing and filing your tax return on your behalf and keeping you informed of when your tax payments are due and how much to pay.
- In the event that you face a tax enquiry from HMRC, we are on hand to provide advice and support.
The internet is full of advice, some of it conflicting about how to complete a self-assessment. Making Tax Digital is on the way, which we will start talking about in our blogs next month. This means that the current Self-Assessment tax return’s days are numbered. Please contact us to book a free initial consultation to find out how we can support the preparation of your year-end accounts.
Categorised in: Self Assesments
This post was written by Daisy Vowles