Tax return silly season

posted on January 15, 2014in the Blog Category

Tax return silly season

Now that we have returned from the Christmas break we turn our minds to what we call “tax return silly season”, the month where we complete the vast bulk of our clients tax returns under great pressure from the filing deadline on 31st January.   The fine for missing that deadline is only £100 which is probably why tax payers are so laid back about missing the deadline. However, the fine is only the tip of the iceberg as late filers are establishing a non-compliance record with HMRC that makes them bigger targets for tax investigation. It is also worth knowing that if the tax due on 31 January 2014 isnt paid by 28th February then not only is interest charged but tax payers are also charged 5% extra as a late payment surcharge.   Looking back at the Christmas break HMRC have announced that a record number of people spent Christmas day filing their tax returns online. At least they were taking their filing responsibilities seriously but I think spending Christmas day doing this may be a little sad!   HMRC have also published their top ten excuses for late filing and their Director General of personal tax said “There will always be unforeseen events that mean a taxpayer could not file their tax return on time. However, your pet goldfish passing away is not one of them!”   Watch this space for the other 9 of the top ten excuses!

Written By: MBL

A Night with Noddy Holder

Date : August 1, 2017

Author : Mandi Mottershead

The Collier’s Challenges For CAFT

Date : May 3, 2017

Author : Mandi Mottershead

Tax Planning – Year Ended 5 April 2017

Date : March 1, 2017

Author : MBL

Magical day for the MBL staff

Date : November 30, 2016

Author : MBL