Ready or not?
Whether you’re ready or not you can’t hide from HMRC.
Sometimes we miss deadlines, it can’t be helped and it’s not the end of the world. Nothing that a well-crafted apology or excuse about snow on the train line can’t sort out. Yes?
Well… not always. Not when you’re dealing with HMRC and your Tax Return Deadlines.
If you’ve registered as Self Employed or you fit the Self-Assessment Tax Return criteria detailed below HMRC will be expecting you to complete,submit and pay in full any tax due by midnight 31st of January 2015.
The world won’t end if you miss the deadline but the financial consequences for you and you’re business can be long lasting.
What happens if you miss a deadline?
No excuses accepted. No apologies tolerated. No deadlines extended.
If you don’t pay up, then after midnight, you’re automatically liable for a £100 fine. Further delays in payment result in more fines on a daily basis and 3% interest on late fines. Finally, you could be facing an intensive HMRC investigation.
Does Self-Assessment apply to me?
If you fit one of the criteria detailed below then yes you will definitely need to complete a Self-Assessment tax return.
Self-Assessment Tax Return criteria:
If you’re self-employed it’s more than likely you’ve already registered with HMRC and are fully aware of your legal obligations to keep records for nearly six years. You’ll also understand that the onus is on you to complete and submit your form accurately and on time.
Here’s some other Self-Assessment categories that you may fall into:
Other categories include:
- company director (except Not for Profit)
- minister of faith
Or if you receive income from:
- letting any property or land you own
- significant capital gains
- other income earned and the tax due on it can’t be collected through a PAYE tax code
- member of Lloyd’s of London insurance and reinsurance market
- annual income from a trust or settlement
- any income from the estate of a deceased person, and further tax is due on that income
- taxable foreign income (even if you’re claiming that you are not normally resident in the UK)
- child benefit if you’re in higher tax bracket
There’s no escape. Ignoring piles of paperwork or hiding in a cupboard won’t work. HMRC will still seek you out.
Are you looking for help with your Self-Assessment tax return and HMRC?
At Murrison & Wilson we’ll make it as simple as possible for you. Watch our video about how we’re helping clients deal with HMRC
Call us now on 0141 290 0262
If you’re struggling to get started one phone call may be all that’s needed. If your circumstances are more complex arrange an appointment as soon as possible.
Remember January is the busiest time of year for Accountants and HMRC helpline. Avoid stressful delays and call Bruce Wilson now on 0141 290 0262 or email me at firstname.lastname@example.org
Wishing you a happy and prosperous New Year