As we approach the deadline for self-assessment tax returns, it’s important to be vigilant of potential scammers looking to take advantage of scrambling customers.
As it stands, 3.4 million self-assessment customers are yet to submit their tax returns – a huge opportunity for large-scale scamming to take place. To help, we’ve put this article together to guide you through the process seamlessly.
Deadline Day
The 31st of January remains the tax deadline, with fines of £100 being issued to anyone that fails to file their tax returns in time. The deadline for outstanding tax also falls within the same window, meaning it’s essential you have all of your papers in check. 66% of those eligible have already made the deadline, and the HMRC is urging the remaining number to seek help online. For accountants Bath, you can find plenty of services online, such as www.chippendaleandclark.com/accountants-near-me/bath. Accountants are fully equipped to deal with these tight deadlines, and will help you secure your tax returns in time.
Details to watch out for
Once your tax returns are submitted, paying tax is simple, and can be done through the HMRC app. This is a swift process, usually taking less than a minute, and providing immediate confirmation once a payment has been made.
There are plenty of other ways to pay, with premade payment plans available through the government website for those struggling to balance everything.
If you fail to make the deadline for paying your tax bill, you are able to appeal, and cases will be considered individually. If you don’t have a valid excuse, you may incur an initial £100 fine, followed by £10 a day after 3 months, capping out at £900.
If you still fail to pay after 6 months, an additional penalty of 5% of the tax, or £300 – depending on which is greater – will be issued, with an additional charge of the same after 12 months.
Never share your HMRC details with anyone, and ensure you only provide your bank details to the HMRC. This is important in securing any potential repayments.
