Personal Tax Returns | Time to Act
Do you need to file self-assessment tax returns?
Now the Christmas and New Year festivities are a distant memory we wanted to make sure local residents had considered their tax returns to avoid any penalties.
You have probably already received a notice instructing you to complete and deliver your 2014/15 tax returns by the 31st January deadline. If you need any help in avoiding paying penalties, interest charges on late payment and the automatic £100.00 fine for not filing your returns on time, our locally based company HarmerSlater and Roger Sutton & Co can do this for you and we would be delighted to discuss this with you and ways to avoid these penalties by assisting with filing your tax returns by 31st January deadline.
All self-assessment tax forms have to be completed by 31st January even if you haven’t received official notification from HMRC. This is likely to be the case where you have received untaxed interest or rental income for the first time during the year ending 5th April 2015. First you will need to register with HMRC who will issue you notice and allows you a three month period to complete returns. This would avoid paying any late filing penalty although interest will continue to run on any tax liability not paid by 31st January.
There are a number of late tax penalties that require 5%,10% and 15% surcharges that have to be paid on outstanding tax liabilities that remain unpaid for 30 day, six month and 12 month periods. For example, if you pay your tax bill 31 days AFTER it was due then the surcharge of 5% is equivalent of an annual interest rate of 1,825%!
Our company would be happy to meet with you at our newly acquired Teddington office where we can discuss and advise on completing tax returns, and help you avoid unnecessary penalties, interest and other surcharges, as well as giving you advice on how to put your tax affairs in order.
Please call our professional local team on 020 8943 0972 quoting SA/2016.
