Missed the Tax Return Deadline?

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At Mercian Accountants, we understand the importance of staying on top of your accounts and ensuring that your tax affairs are in order. That’s why we offer a range of accountancy services, including tax services, to help you achieve your financial goals. Our team of experienced accountants can help you with everything from preparing annual accounts to filing tax returns and dealing with HMRC.

We understand that many business owners find the process of self-assessment to be time-consuming and stressful, but with our help, you can simplify the process and ensure that everything is taken care of in a timely and efficient manner. We are up-to-date with the latest cloud accounting software, such as Xero, FreeAgent, and QuickBooks, and can help you make the most of these tools to streamline your bookkeeping and accounting processes.

Whether you are a small business owner or an individual looking to manage your personal tax, our accountancy services are designed to help you stay ahead. Our team of accountants can help you with everything from tax planning to income tax, and can even help you switch accountants if needed.

When is the Self-Assessment deadline?

The deadline for filing your self-assessment tax return online is the first 31st January following the tax year end on 5th April. The deadline for filing paper tax returns is earlier: 31st October.

What happens if I miss the HMRC tax return deadline?

If you miss the HM Revenue & Customs (HMRC) tax return deadline, you may face penalties and interest charges. The deadline for submitting your self-assessment tax return is usually 31st January of each year. If you fail to submit your tax return by the deadline, HMRC will issue an automatic £100 fine, regardless of the amount of tax you owe.

Additionally, if you still haven’t submitted your tax return after three months from the due date, HMRC may charge you an additional £10 per day, up to a maximum of £900. If you still haven’t submitted your tax return after six months, you may face a further fine of 5% of the tax owed or £300, whichever is greater.

It’s important to note that these penalties are separate from the interest charges that HMRC may impose on any tax owed. Therefore, it’s important to submit your tax return as soon as possible, even if you cannot pay the tax owed.

If you miss the deadline, you should contact HMRC as soon as possible to discuss your options, or you may prefer to seek professional advice. In some cases, HMRC may be able to waive penalties if you have a reasonable excuse for missing the deadline.

How do I file a return after the due date?

To file a tax return after the due date, you can follow these steps:

  1. Gather all necessary information: Before you start filing your return, make sure you have all the information and documents you need, such as your income, expenses, and bank statements.
  2. Log in to your HMRC account: If you have not already set up an account, you can do so on the HM Revenue & Customs (HMRC) website.
  3. Complete the self-assessment tax return form: Follow the instructions on the form and make sure you fill out all relevant sections.
  4. Submit the form: Once you have completed the form, you can submit it online through your HMRC account.
  5. Pay any tax owed: If you owe any tax, make sure you pay it as soon as possible to avoid additional penalties and interest charges.

It’s important to note that the longer you wait to file your tax return, the higher the penalties and interest charges will be. If you are having trouble filing your return, you can seek help from a tax specialist or an accountant. They can help you understand your obligations and ensure that your return is filed correctly and on time.

How do I get out of a late filing penalty?

To avoid a late filing penalty, it is important to file your tax return on time. However, if you have missed the deadline, you may still be able to get out of a late filing penalty if you have a reasonable excuse. The following are some examples of a reasonable excuse:

  1. Illness: If you were unable to file your tax return on time due to an illness or disability, you may be able to get out of a late filing penalty.
  2. Bereavement: If you were grieving the loss of a close family member, you may be able to get out of a late filing penalty.
  3. Technical problems: If you experienced technical problems with HM Revenue & Customs (HMRC) online filing system, you may be able to get out of a late filing penalty.
  4. Natural disasters: If you were affected by a natural disaster, such as a flood or fire, you may be able to get out of a late filing penalty.

To apply for a waiver of a late filing penalty, you will need to contact HMRC and provide evidence of your reasonable excuse. It’s important to act quickly and not delay the process as the longer you wait, the harder it may be to get out of a late filing penalty. If you are unsure of your rights or how to apply for a waiver, you can seek help from a tax specialist or an accountant. They can help you understand your obligations and ensure that your return is filed correctly and on time.

Is there a time limit for correcting tax returns?

Yes, there is a time limit for correcting tax returns. You must make any corrections to your tax return within 12 months of the original deadline, which is usually 31st January of each year. If you discover errors or omissions in your tax return after this deadline, you may still be able to correct them, but you may face penalties and interest charges.

It’s important to note that if you owe any additional tax as a result of the correction, you may be subject to interest charges on the amount owed. It’s also important to act quickly and not delay making corrections to your tax return, as the longer you wait, the higher the penalties and interest charges may be.

Can I change my tax return after submission?

Yes, you can change your tax return after submission, but there may be certain time limits you need to adhere to. If you discover errors or omissions in your tax return after you have submitted it, you should correct them as soon as possible.

To make changes to your tax return, you will need to log in to your HM Revenue & Customs (HMRC) account and make the necessary amendments. Depending on the type of correction you need to make, you may need to submit a revised tax return.

It’s important to note that if you owe any additional tax as a result of the correction, you may be subject to interest charges on the amount owed. You should also make sure that you correct any errors or omissions within the time limit for correcting tax returns, which is usually 12 months after the original deadline of 31st January.

At Mercian Accountants, our team of tax specialists and accountants provide expert tax services to help ensure that your tax return is filed accurately and on time. We can help you understand your obligations and ensure that you make any necessary corrections in a timely manner to minimize the risk of penalties and interest charges.

What happens if you make a mistake on your tax return?

If you make a mistake on your tax return, it is important to correct it as soon as possible to avoid penalties and interest charges from HM Revenue & Customs (HMRC). Depending on the type of mistake, you may need to submit a revised tax return or simply make an amendment to your existing return.

If you owe any additional tax as a result of the correction, you may be subject to interest charges on the amount owed. The longer you wait to make the correction, the higher the penalties and interest charges may be.

If you are unsure about how to correct a mistake on your tax return or need help understanding your obligations, you can seek help from a tax specialist or an accountant. They can help you understand your rights and obligations and ensure that your return is filed accurately and on time.

At Mercian Accountants, our team of tax specialists and accountants provide expert tax services to help ensure that your tax return is filed accurately and on time. We can help you understand your obligations and ensure that you make any necessary corrections in a timely manner to minimize the risk of penalties and interest charges.

Helpful Tax Return Accountants

Whether you are looking to maximise your tax efficiency, prepare your annual accounts, or file your tax returns, Mercian Accountants has the expertise and experience to help you achieve your financial goals. Contact us today to learn more about our range of accountancy services and how we can help you stay on top of your accounts and tax affairs.

About Graham

Accountant specialising in tax, property, and estate planning. A regular speaker at landlord, property Investor, and later life planning events.

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