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Happy New Year – Now File Your Tax Return!

Firstly, McLintocks wish all our clients a happy New Year and a prosperous 2015! But……the New Year brings the self-assessment tax return deadline of the 31st January even closer.

As normal, HM Revenue & Customs have issued their ‘Top of The Pops’ excuses for late filing of returns and we would like to share these with you:

  1. My pet dog ate my tax return… and all the reminders.
  2. I was up a mountain in Wales, and couldn’t find a postbox or get an internet signal.
  3. I fell in with the wrong crowd.
  4. I’ve been travelling the world, trying to escape from a foreign intelligence agency.
  5. Barack Obama is in charge of my finances.
  6. I’ve been busy looking after a flock of escaped parrots and some fox cubs.
  7. A work colleague borrowed my tax return, to photocopy it, and didn’t give it back.
  8. I live in a camper van in a supermarket car park.
  9. My girlfriend’s pregnant.
  10. I was in Australia.

Hopefully you won’t need to use any of the above as unfortunately they won’t work and HMRC’s penalties will be applied – those who fail to file and pay their tax bill on time will face a penalty charge; these are:

  • one day late – £100 (even if you have no tax to pay)
  • three months late – £10 for each following day up to a 90-day maximum of £900 (on top of the £100)
  • six months late – £300 or 5% of the tax due, whichever is greater (as well as the penalties above)
  • 12 months late – £300 or 5% of the tax due, whichever is the higher.

Clearly, HMRC is well used to people using a variety of excuses in order to avoid paying any penalty.

As HMRC state, “You need to file your 2013/14 tax return online, and pay what you owe, by 31 January. But it’s best to do it now, to allow plenty of time to sort out any issues with your return.”

McLintocks can help you if you need a return completing or you have any queries. As normal, please feel free to contact your local office and we would be happy to help.