Procrastination is the thief of time says Gillian Trotter of Cook Trotter Accountants in Harrogate and she is calling for people to not delay completing their 2013 Tax Return.
It’s important to not delay in completing your 2013 tax return as the deadline date of 31st January 2014 is looming.
Perhaps a tax return is not always at the top of people’s priorities, but you will enjoy Christmas much more if you get it out of the way.
This time of year we find people get busy with getting ready for Christmas and put-off and put-off their return.
The penalties for a late return can be severe:
1 day – £100 penalty (even if you don’t have to pay any tax).
3 months – £10 for each day after 3 months to a maximum of £900, as well as the £100 above.
6 months – £300 or 5% of the tax due, whichever is the higher, as well as the penalties above.
12 months – £300 or 5% of the tax due, whichever is the higher as well as the penalties above. In serious cases you may be asked to pay up to 100% of the tax due instead – there may also be additional penalties.
Although the Government welcomes any money into the pot, HM Revenue and Customs would much rather receive your Tax Return.
We often find that some people are not sure where to start, and that can be where an accountant can help out.
It’s about getting it in on-time and completed correctly.
This is also your opportunity to make sure you pay what you are due to pay and nothing more and nothing less.
Sometimes we find people are not aware of what can be claimed back and a professionals fees can be more than offset by the tax they save.
Further details are also available on the HM Revenue & Customs website at www.hmrc.gov.uk/sa/complete-tax-return.html
So, forget the letter to Santa and make sure that you complete and submit your Tax Return before Christmas so that you can enjoy the festivities.
You can then forget the 66 sleepless nights to 31st January 2014, and can concentrate on the 29 sleeps to Christmas.