Director: Rob Bonehill (FCA)
Website designed by RJ Accountancy Limited
Crossways, Alverston Avenue, Woodhall Spa, LN10 6SN
RJ Accountancy Limited
Telephone 01526 354 687
January is a busy time for accountants
January is traditionally the busiest time of year for accountants because of self assessment deadlines.
If you need help from an accountant you should contact them straight away so they can organise their workload to fit you in. Click here for our details...
The penalties for late filing can be significant!
If you are late by 1 day the penalty is £100. For each day you are late thereafter there is an additional £10 penalty upto a maximum of £900.
For example if you file your return on February 15th you have a penalty of £240. This is made up of the initial late day fee of £100 plus 14 x £10 for additional late days.
There is then a further £300 or 5% of tax due if you are over 6 months late.
And if you are 12 moths late there is a further £300 penalty.
We regularly see new clients who come to us having not filed with penalties of £1,600 for each year of late filing.
See the HMRC website for penalties calculator by clicking here
Late filing penalties
Self assessment filing deadlines
The filing deadline for 2017-18 paper returns is October 31 2018 so has already passed.
After this date the only option available is to file your return online. You have until midnight on January 31, 2019 to complete this task.
DO NOT DELAY. In order to file a return online you need to set up an online account with HMRC. This can take 2 to 3 weeks to set up.
It is possible to have penalties removed in certain circumstances. Please contact us for more details.
Getting an HMRC online account set up
If you need to set up an online account you will need your Unique Taxpayer Reference (UTR) along with either your National Insurance number or Post Code then click here to set up your online account.
Some people will struggle to find their UTR number. It is a 10 digit number which can be found on all of your HMRC correspondance.
If you cannot find your UTR you will need to phone the HMRC self assessment helpline on 0300 200 3310 to obtain this. They will not give this over the phone and will need to send it to you by post. This can cause additional delays.
The self assessment helpline is available for all queries. Click here for details. Calls can take a long time because you are normally left in a queue, sometimes waiting for an hour! Try at 8am in the morning and you may be more successful.