Tax Return Deadline
October 16, 2014 | By Nimbus |
The first of the deadlines for the 2013/14 Tax Return is the 31 October 2014. This deadline is for those that submit their return on paper. If you are one of the reducing number that still files on paper and you haven’t made a start yet, it might be time to consider filing online. Registering with HMRC to file online can take up to six weeks, so we recommend that you register immediately to avoid missing the final deadline of 31 January 2015.
The next deadline on the horizon is 31 December 2014. This deadline is for those that owe less than £3,000 of tax and wish to have their tax collected on a monthly basis during the 2015/16 tax year through the PAYE system.
The final filing deadline is the 31 January 2015, for online Tax Returns. There is a fixed penalty of £100 for failing to file a return on or before the filing date. If you file after 1 May 2015, or 1 February 2015 in the case of a paper return, this fine will apply in addition to a penalty of £10 a day for every day the return remains outstanding, up to a maximum of £900.
The 31 January 2015 is also the deadline for paying any tax due, if you haven’t taken advantage of the arrangement above. Late payment of tax will incur interest at an annual rate of 3%, on top of this there is also a surcharge of 5% on any outstanding tax due that hasn’t been paid by 28 February 2015.
At Nimbus we make sure all our clients have plenty of notice of upcoming deadlines. If you would like to work with an accountant that takes care of the deadlines then get in touch.