Many people file their tax return to the last minute, however, this could end up losing a great amount of money. Here are the things you need to be aware of when submitting the tax return punctually.
Deadline to file tax return
All tax return need to be submitted by the 31 January following the end of the tax year. Even HM Revenue and Customs (HMRC) is waiving late filing and late payment penalties for Self Assessment taxpayers for one month – giving them extra time, it is still better for you to file earlier.
Penalties will be occurred
If you fail to submit on time, a penalty will be occurred , even if you don’t owe tax. Additional fines will be occurred:
1 day late
£100
Three months late
Daily £10 fines for up to 90 days
Six months late
5% of the tax due or £300
12 months late
Additional 5% of the tax due or £300
If you’ve not yet applied for your 20/21 return, please contact the team to have it processed on either:
hello@crystaltaxrefund.co.uk or 01902 93 93 91
