Self-assessment Tax deadline approaching
The deadline for completing paper self-assessment tax returns is fast approaching, ACCA (the Association of Chartered Certified Accountants) warns. Forms must be returned to the taxman by midnight on 31 October 2014.
You will also have to register for self-assessment if you claim child benefit and either yours or your partners earning has risen above £50,000 in the past year. The deadline for registering is 5 October. The deadline is irrespective of whether you wish to complete a paper return or online.
If you fail to file your tax return on time you will incur an immediate £100 fine, which will then increase the longer you take to bring your tax affairs up to date.
Chas Roy-Chowdhury, ACCA head of taxation said: “Self-assessment has been with us for a long time now, but the government are bringing more and more people into self-assessment through the changes to child benefit. The result of this is more people are at risk of being caught by the penalties.
“As well as the £100 initial fine, there is a £10 per day cumulative penalty. Meaning after just three months you could be looking at a fine of at least £1000. Money that could make a huge difference to family finances. You can also be fined for submitting incorrect information, if you are unsure my advice would be to check with an ACCA accountant.”
The fines apply for late filing even if there is no tax owed. Visit https://www.gov.uk/browse/tax/self-assessment for more details
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