What happens if I miss the deadline of Self-Assessment Tax Return?

What happens if I miss the deadline of Self Assessment Tax Return

The yearly deadline of Self-Assessment Tax Return and paying any tax owed is midnight on 31st January every year. While most independently employed people these days decide to document their Self-Assessments Tax Return online, it’s as yet conceivable to do so the old way – through paper-forms. Submitting a Self-Assessment is prior, and HMRC should get this by 28th February this year.

On the off chance that you don’t document your return and pay any duty due on schedule, you’ll face fines – and there are possible additional penalties.

Delay doesn’t as well, ensure you present your return before the cutoff time and pay any duty you owe with whatever data you have accessible – regardless of whether you need to consequently revise your assessment form.

This is the month which is the busiest month to submit yourself self-assessment tax returns and if you haven’t submitted your tax return then this is the time to take action and submit your return and pay any tax you have before the 28th February 2021.

The government has extended the date of the self-assessment tax return from 31st January to 28th February 2021, Due to this extended lockdown and accountants are working very hard with their clients to make sure they submit the self –assessment tax returns on time so there are no penalties they will receive at the later stage, (Deadline of Self-assessment Tax return is 28th February) but if you want to submit your self-assessment tax returns you simply contact Account-Ease or Visit our website.

What if you miss the deadline of Self-Assessment Tax Return?

If you’ve missed the Self-Assessment Tax Return time you truly need to continue ahead with it at the earliest opportunity – our article helps you how to file your Self-Assessment Tax Returns timely. The fines and interest will simply keep developing, so you need to document and pay any exceptional expense as quickly as possible.

In case you have registered already for Self-Assessment Tax Return online, all you require is financial data for the significant tax year, for example, your yearly accounts, invoices and costs, and additionally P60, in addition to details of investment profit, reserve funds interest, pensions, commitments, and so forth It is conceivable to correct your return after it’s been documented, so you should record on the web, straightaway with the data you have, regardless of whether you are feeling the loss of some data.

If you have not registered then you can check our article on How to complete your self assessment tax return.

 On the off chance that you’re not enrolled at this point, you need to begin this cycle immediately – however, it can require a few days, if not weeks, to enlist as HMRC needs to send you an enactment code in the post. You can set the ball moving by visiting HMRC’s site.

If you miss the deadline to submit the tax returns, and now you got the penalty, go for the appeal a penalty, YES, you can appeal the penalty. This will require a genuine and reasonable excuse.

Excuses Examples:

  •       Illness or death of a relative, partner, or yourself.
  •       Crash or failure of software or computer, while preparing for online tax return.
  •       Natural disaster or theft.
  •       HMRC online services issues.

Now you have to contact Account-Ease as soon as possible. They can help you set up a payment plan.

Each year 31st January is the deadline to submit tax returns but for this time government has changed the deadline because of COVID-19 Extended Lockdown.

Are there any penalties if I miss the deadline?

  •   There is a 100 penalty if your self-assessment tax return is up to 3 months late.
  •   A further 300 penalty will be issued after 6 months, and 12 months.
  •   HMRC will charge interest on any late Payments
  •   There is also a daily penalty charge, up to 900

 At Account Ease, we’re experts. So you can trust us to make your self-assessment tax return as worry-free as it can be. Our experts are certified and professionals and will take care of you. With Account-Ease it not take too long to submit your self-assessment tax return. Just visit this page and choose the affordable package and get started.

Contact Account-Ease to get more Details. Call: 0208 133 4599 | Email: askus@account-ease.co.uk

 

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