31 January Deadline
Happy New Year!
Happy New Year to you all, we hope you have enjoyed the break and are ready for 2015!
The Self Assessment Tax Return deadline for the tax year ended 5 April 2014 is fast approaching. Returns must be submitted online by midnight on 31 January 2015 to avoid penalties being charged. As the 31st falls on a Saturday the effective date for filing, if you are using an agent, will be 5pm on Friday 30th January 2015.
Last year over 500,000 people filed their return on 31 January, which risked overwhelming HM Revenue & Customs’ computer systems. If you prefer to avoid a last minute rush, your return must be started as soon as possible.
A late filing penalty will be charged if a return is filed after the deadline irrespective of whether there is any tax liability. There are also additional penalties if the return is submitted 3, 6 or 12 months late.
Any outstanding tax for the year ended 5 April 2014 also falls due on 31 January 2015. If the outstanding payment is not settled by 28 February 2015, then an additional 5% surcharge will be added to your liability by HMRC.
To assist taxpayers HMRC allow electronic payments, typically via internet or telephone banking, which will be processed on the same or next day.
Taxpayers should contact their bank or building society, before relying on the facility, in order to confirm the service is available and to remove any potential restrictions for example on single transaction limits.
If you need any advice or assistance with the preparation of your tax return or alternatively would like to discuss any of the above please contact our Tax Director Jenny Marks.