We offer a range of accountancy services, the main ones include:
J. D. Easton, D.M.S. Accountant Norfolk
5 Park Avenue, Barford, Norwich, Norfolk. NR9 4BA
Telephone 01603 759216 Fax 01603 759736 firstname.lastname@example.org
As members of the Federation of Tax Advisors we specialise in servicing the small to medium sized businesses.
Members are bound to uphold the highest standards of conduct and confidentiality,
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J. D. Easton Accountant Norfolk is a full member of the ICPA.
Independent Certified Practising Accountant
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What if you are late filing your return or paying your tax?
We strongly recommend that you file your return on time and pay the tax by the due dates. Failure can involve you being liable for the penalties and interest shown below. It also increases your risk of being picked by HMRC for an enquiry.
If the return is not filled by the due date there is an automatic non-
There is a penalty of £10 for each further day if the return is more than three months
overdue. This is for a maximum of 90 days.
There will be a further penalty of £300 or 5% of the liability whichever is the greater
amount, if the return is more than six months late.
If the return is more than twelve months after the filing deadline (i.e. 31st January 22 months after the end of the tax year) a further penalty will be issued. This will be a penalty of £300 or 5% of the liability whichever the greater amount is, this will be in addition to the penalty due for the previous. Although in serious cases the penalty may be up to 100% of the tax due.
If the liability for the previous tax year is not paid by 30 days after 31st January there will be a 5% surcharge. Following that tax year if it is not paid by the 31st July after that there will be a further 5% surcharge. There will be a third 5% surcharge if it is not paid by the following 31st January. Interest also runs on any amount paid late.
What you do if you cannot pay?
Speak to your accountant as soon as possible or try to make an arrangement with HMRC. There is currently a Business Payment Support Service Helpline 0845 3021435
The penalties have increased significantly most years and it is vital that all taxpayers ensure that their returns are filed on time.
Read these examples
Mr B thinks that there will be no penalties for late filing, because he believes that he will not owe any tax. This assumption would have been correct for 2009/10 after 31st January 2013, he will have potential penalties of up to £1,600 if he does not file the return .
Business owner H has cash flow problems, he knows that his liability for 2011/12 is £5,000. This makes him delay in filing his tax return. Assuming that he is more than 12 months late, and that HMRC do not consider this case to be serious, the penalties would potentially be £2,050.