The final deadline for online tax returns for the 2014-2015 tax year is fast approaching. If you need to complete your tax return there’s not much time left. You have only until midnight on 31st January 2016.
Failure to complete your tax return on time will result in HMRC charging you a late tax return penalty of at least £100. This penalty increases depending on how many days late you are. You can find further information on penalty notices on the HMRC website. There is also the possibility of incurring interest on any payments due so it’s important to get your tax return in on time.
Further, there are penalties associated with completing an incorrect tax return, hence the imperative to file a correct return and on time.
The HMRC website does provide advice on completing a tax return, however, if you’ve never done one before or have struggled in the past, it’s time to seek professional advice.
At Appleby Mall, we have been helping business owners with their personal tax returns for decades. We are aware of the many pitfalls and complexities associated with completing a tax return and are always on hand to assist with the correct procedures to follow completing a tax return.
We are currently in January so it is no longer possible to complete a paper return. The deadline for paper tax returns was 31st October 2015. If your tax return is currently outstanding, the only way to complete this now is by doing so online.
It’s worth seeking advice when completing your tax return so you don’t incur penalties and interest costs.
Most tax payers do not need to complete a tax return. However if you have received a notice from the HMRC, chances are that you will have to file a tax return. Further, if you have received rental income or income from for example contracting and freelancing assignments, you will need to complete a tax return.
If you are self employed or a company director you will also need to complete a tax return. Furthermore, if you receive child benefit and someone in your household has a taxable income above £50,000 you will also need to complete a tax return.
If you are in any doubt as to whether you need to complete a tax return, please get in touch with the team at Appleby Mall. We will ask you a series of questions to determine whether you need to complete a tax return or not. We will also help you submit your return so please do get in touch.
Don’t make the mistake that so many make of submitting a tax return too late, submitting an incorrect tax return or not completing a tax return at all![/column]