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Deadlines and Penalties

FinSol Tax Advisors have Accountants in Watford who are a part of the largest network of accountants and they offer various kinds of services.

If you receive a Tax Return, you are legally obliged to complete it, even if you think it is not relevant to you.

If you do not submit a completed Tax Return, you will be fined and HMRC may issue an estimated tax bill (called a ‘determination’). This estimated bill will stand until you send in the completed Tax Return. You have only three years from the 31 January filing date to replace the estimated bill. For years where the bill has not been estimated you have four years from the end of the tax year in which to submit the return.

Asking HMRC to withdraw a return

If you consider that you do not need to submit a tax return, for example because all your income is taxed under PAYE, you can phone HMRC on 0300 200 3310 and ask for the tax return to be withdrawn. If HMRC agrees, this will means that you no longer have to file a return and any penalties issued for missing the tax return filing deadline will be set aside.
There is a two year time-limit from the end of the tax year in which to ask HMRC to withdraw a tax return.

Completing and filing a return

Your Tax Return must normally be filed (completed and submitted to HM Revenue and Customs) by 31 October following the tax year end (5 April) if you file on paper, or by 31 January following the tax year end if you file on-line. So the 2016 Tax Return (for the tax year 2015-2016) is due by 31st October 2016, if filed by paper, or by 31st January 2017, if filed on-line. You will be sent your Tax Return – or a notice to file on-line – about May after the end of the tax year.

If you register for self assessment late (within three months of the filing deadline or later), the deadline is extended to three months from the date of issue of the return. The revised due date will be shown on the Tax Return / notice to file that you are sent.

We can help you for your any accountancy need of your business. If you want to know any kind of information about our services contact us any time!

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