746,000 People Still to Submit Tax Return - Fines Explained.

The Self Assessment Tax Return deadline was the 31st January but there are still 746,000 people who are yet to submit. You will have received a £100 penalty already but what now?

We have broken down the penalty fees for you below. Firstly, the late submission fees:

As well as receiving a penalty for missing the Self-Assessment deadline there are also fines for late tax payment:

Let's try a simple example:

David thinks he owes a small amount of tax, lets go with a small round number like £100. 

He misses the deadline and forgets about it for a few months. When he receives a letter he pops in a 'to do' pile and forgets about it again. A whole year goes by..... what does David owe now?

Lets look at the missed submission first:

And now the missed tax payments:

Ok. Lets add that together:

From a small sum of £100, David now owes a large amount in fines. 

The moral of the story?

Don't be a David. Pick up your laptop or phone and get some help. 

Even if, for whatever reason, you are having problems paying your tax bill. You can clearly see that you should submit your tax return anyway. 

Incisive Accounting will complete your tax return for a set price and in a fixed amount of time. Don't let it give you nightmares. Get that form submitted. 

 

Photo credit to aboblist.com.