Unfortunately, the deadline for 2014 has been and gone but we can still help you save money and avoid fines.
Anyone who still has to file a self assessment tax return must do so electronically by 31 January 2015. We understand that late filing penalties are the last thing that clients want, even one day late will incur a £100 late filing penalty. U-Tax Limited understands all about getting tax returns completed accurately and filed on time. If you already file your self assessment online with U-Tax Limited, then you need only follow the same procedure as for last year.
It is important that we understand the penalty regime as it has been engineered under a new structure, which came in at the end of 2011.
Many clients leave their self assessment tax return to the last minute, if you are in this bracket please don’t panic, U-Tax Limited can get your Self Assessment completed and filed correctly without the need for hours on the telephone or playing email tennis. As long as your gross income is below £77,000 the information we will need to file the initial return is the following;
It is as stress free as that! Once this information has been received we can submit it on your behalf immediately, subject to our processing fee. Should you want a detailed return completed after the initial submission – again we can do this for as long as it is done with 12 months of the original submission.
Should you not have a valid UTR number you will need to contact HMRC at least 10 working days prior to the 31 January deadline, as HMRC have said they will need at least 10 days to reissue this information.
The penalty for the late payment of the tax is different and will apply from 28 February. The penalty is 5% of the tax unpaid.
There will be another 5% penalty for the outstanding tax six months after the filing deadline. This will be followed by another 5% penalty for payments that are 12 months late.
As with the tax return these amounts mount up and each penalty is subject to interest.
We are the UK’s leading tax agent registered with HMRC and we will help you reduce your tax bill (in legitimate ways) as much as possible.
It’s our aim to offer an affordable and professional service – we like to keep our customers happy.