The self-assessment deadline has passed, however, those who have missed the deadline may see an increase in their fines this year. As standard protocol, HM Revenue and Customs usually send out penalty warnings in February to encourage and remind those who are still yet to complete their tax forms. However, this year HMRC has revealed that some of these warnings will be sent in April– a much later date than previous years.
How does this affect me?
It is reported that 731,186 taxpayers have missed this year’s deadline, which means they will already be liable to receive the £100 late fee. If you have missed the deadline and still haven’t received your penalty notice, you could be paying even more fines on top of the late fee. From the 1st May, the standard late fee of £100 will begin to rise by £10 a day. With this in mind, it is possible that those who have already missed the deadline will receive their letters with additional penalties that have already been accrued.
Why are self-assessment penalties being sent out later?
HMRC has blamed Brexit for the delay in sending out self-assessment penalty letters, saying that the increased workload has caused the delay. The notice they issued said, “We expect an increased demand in our call centres as the UK leaves the EU, so we intend to delay the issue of these notices to ensure we can provide the best service to our customers.” They have stressed that no one will be penalised unfairly explaining, “we will issue daily penalties to individuals who have still not filed three months after the deadline, in appropriate cases, at the normal time.” HMRC said that the latest these letters will be sent out is April – which means people will still have several weeks to contact them in regards to paying their tax.
What shall I do if I have missed the deadline?
If you are one of the 731,186 taxpayers who have missed the deadline, it is important that you start taking the right steps to file your tax return – otherwise you could end up with further fines. If possible, complete the form online; returning it by post means you’ll pay a much higher fine as the postal deadline for tax returns was last year.
Self-assessment tax help
Here at Thomas Nock Martin, we understand that sorting out your tax returns is not a simple process. There is a lot of stress and worry that can stem from completing your own tax as no one wants to make an error and receive fines as a result. With this in mind – why not take advantage of our Taxation Services? We’re experts on tax returns – including self-assessments – so we’ll take on board all of the tasks you need to do and ensure that your tax is filed, returned and completed, so you don’t have to. Using an accountancy service means that you can rest easy knowing that every box has been ticked and all of the correct documentation has been submitted, taking away the worry of looming fines and missed deadlines.
Contact us today
If you would like to find out more information on our self-assessment taxation services then head to our website today. Alternatively, call 01384 261300 to speak to a member of our experienced and helpful team.
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