Now that the festive season has drawn to a close, your attention should be turning to the filing of your tax return to HMRC.
If you are self employed, rent out property or have investment income, you have until 31st January 2020. If you miss this deadline, then you could face a penalty of £100. If you still haven’t filed it by 30th April 2020, you may incur an additional penalty of £10 per day – with a maximum of £900 becoming due.
Not only should you be filing your tax return no later than 31st January 2020, but you should also have paid any tax that you owe by that date as well, otherwise late payment interest may be incurred.
Although a dreaded task for many, it is an important one – not even the festive period got in the way for some 3,003 taxpayers who filed their tax returns on Christmas Day and a further 9,254 on Boxing Day.
If you require any assistance with the completion of your tax return, please contact us immediately as you need 20 days in which to register with HMRC to enable them to send you a letter with your 10-digit unique taxpayer reference and activation code enabling your tax return to be filed on-line.
Sources: gov.uk, The Sunday Times
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