The Tax Return deadline runs out at midnight on the 31st January 2019! Short and to the point you may say but quite an important statement to make.
According to HMRC figures for the tax year 2016/2017, 10.7 million people submitted their returns on time, with 758,707 tax returns being filed on the 31st January 2018, 30,000 of those between 11 pm and Midnight!
But over 750,000 people missed the deadline altogether. Each of these people will have incurred an initial penalty of £100, amounting to the enormous figure of £75,000,000.00 of fines.
If you fail to file your return by midnight on the 31st January 2019 you will be charged £100. Fail to send your return in for more than 3 months and you will be charged a further £10 a day for a maximum of 90 days, that’s a potential bill of £1,000.
If you don’t pay your tax bill on time you will be charged a £50 penalty plus 3% interest on the amount you owe. If you are more than 6 months late paying you will incur a further £50 fine.
Hefty sums on top of what you may already owe to say the least. Scott Vevers are here to help you avoid falling foul of HMRC. So, gather your important information and Contact Us to get timely advice and a cost-effective start to 2019.