The new tax year is upon us and if you must file tax in the UK, make note of the self assessment deadlines for the 2013-2014 tax year which ended on the 5th April 2014. If you don’t file your tax return before the self assessment deadline, HMRC will issue you with penalties. The self assessment deadline for paper tax returns to reach HMRC is by midnight on 31st October 2014.
The online self assessment tax returns deadline is 31st January 2015 and you can start filing your taxes on 6th April 2014. If you haven’t applied for your Unique Taxpayer Reference (UTR) yet, then ask the SimpleTax wizard now! It’s free, quick and super simple to use. But be quick, your UTR can take up to 6 weeks to arrive, so you should apply for your UTR before 20th December to ensure it arrives in time.
In the words of Benjamin Franklin – “the only things certain in life are death and taxes.”
Inevitably, the taxman will always catch up with you and you may be facing some nasty penalties if you miss the self assessment tax return deadline. The penalty system is fairly easy to understand; the longer you delay, the more you pay. So what could you be looking at if you file too late? Here’s a simple breakdown of the penalties:
- 1 day late - £100 fine.
- 3 months late – The £100 above plus £10 for each further day that you are late, that’s up to a potential £900 in fines.
- 6 months late – All of the penalties above plus £300 or 5% of tax due (whichever is higher).
- 12 months late – All penalties above plus £300 or 5% of tax due.
If you’re 12 months late, you could face a penalty of up to £1,600. That’s serious cash. SimpleTax wants to save you time and money when it comes filing your self-assessment. Register with SimpleTax today to make taxes less taxing.
Meeting your self assessment deadlines is a serious matter, so don’t delay.
Access SimpleTax and discover a new free way of filing your return (HMRC approved), know what expenses will help you lower your tax bill and keep all your records online, safe & sound. Ready to file with one click! Free means free. No hidden costs.