For businesses

Filing deadlines – don’t get stuck with a penalty!!

By September 16, 2013 February 12th, 2019 No Comments

Richard CullenIn addition to the two standard £100 late filing penalties, HMRC now have the ability to charge £10 per day penalties or a maximum of 90 days which can lead to total penalties of £1,000 for late submitted tax returns.

Two filing deadlines are fast approaching for the tax payer and failure to meet these will lead to penalties being issued by HMRC:

6 October 2013 – Notification of a requirement to file a tax return
31 October 2013 – Submission of a paper tax return

Notification of a requirement to file a tax return
A tax return is required in numerous circumstances and the following areas are examples:

  • Total income over £100,000
  • Self-Employment/Partnership income
  • Rental income
  • Untaxed income
  • Savings income over £10,000
  • Income over £26,100 and aged over 65
  • Income over £50,000 and received child benefit after 7 January 2013
  • Capital Gains made

The self-assessment system places the onus squarely on the tax-payers shoulders for notifying HMRC of their requirement to complete a tax return.

If you fall into any of the above categories and HMRC have not issued a notice to file a tax return for 2012-2013, you must notify HMRC by 6 October 2013.

Failure to notify could result in a penalty of up to 100% of the tax due for the year. Once you have notified HMRC and a reference is issued, you have the usual filing deadlines of 31 October (paper return) or 31 January (online return) to meet.

Submission of paper tax return
If you intend to submit the paper tax return this year rather than the online version, this must be submitted by 31 October 2013. Any paper returns submitted after this deadline will automatically receive a £100 penalty.

If you need any assistance in registering with HMRC or completing your tax return, please contact Karen Robinson (karenrobinson@cullenfp.co.uk) on 0161 975 6700 for a quotation.