In 2017/18 a pretty impressive percentage of Brits got their UK self-assessment tax return spot on! In fact, it was a record breaking figure with an impressive 93.68% getting in their tax return claims on time, out of
which 700,000 were last minute, but hey, beating the deadline is all that matters. Here’s how you get it right this year.
UK Self-Assessment Tax Return – First the Good News!
Every year over 11.5 million people file tax returns via self-assessment with a large percentage getting itdone before the deadline. 2017/18 was the most impressive with 10 million Brits getting it right done on time – yes HMRC is ecstatic.
Now the Not So Good News
Failing to submit your tax assessment in no laughing matter, (this is where HMRC loses that grin), last year alone 731,186 people missed the deadline! A pretty huge figure which we see as around 73,118,600 pounds in penalties; which also applies to those individuals with no eligible tax to pay, you need to submit those assessments folks! Here’s what happens;
3 months of not filling your tax documents you start to accumulate 10 pounds per day in fines, do the math that’s around 9,000 pounds in total
Another 3 months and you earn a 5% penalty on the tax you owe or 300 pounds if its greater
After 6 months the same penalty is re-applied
Late payment incurs a 5% penalty which needs to be made for the 30 day, 6 month and 12 month marks
And no, HMRC is not lenient with these penalties and there are not many legit excuses you can use to avoid being hit by them, the penalties that is. You might, in fact, become a laughing stock for submitting weak excuses, and believe us, most ‘good’ excuses are considered ‘weak’ in the eyes of HMRC.
Time to Talk to a UK Tax Specialist
If you are, unfortunately, faced with a huge tax fine, it’s time to start talking to a professional tax specialist in UK. Look for a leading UK tax expert who will not only limit the damage but make sure future transgressions are avoided.