2012/13 UK TAX RETURNS & LATE FILING PENALTIES
This article centres around 2 key questions:
- Have the UK tax authorities, HMRC, asked you to submit a 2012/13 UK tax return?
- Have you not filed your 2012/13 UK tax return as yet?
If you can answer ‘yes’ to both of the questions above the subject of filing a tax return may perhaps be on your radar already given that the 31 January 2014 (the UK tax return efiling and payment deadline) is ‘incoming’. If not, hopefully this note will serve to be a helpful reminder.
In addition, if you have not been issued a tax return for 2012/13 but think you may need to file one to declare income, gains, claim some tax relief or to pay the new high earners child benefit charge then you should take action to register for self-assessment now.
It is no surprise given the economic climate that HMRC are taking a tough stance when levying penalties for late filing and late payment of tax, it is understood they now collect millions in penalties from taxpayers each year, as discussed in more detail here.
If the subject of filing your UK personal return has lapsed your mind altogether and you would like to avoid lining the treasury’s pockets with unnecessary late filing penalties, please contact us at the earliest opportunity and we can help you file your tax returns on time.