late tax return and losing NI contributions
Discussion
Lady friend uses an elderly accountant to do her tax returns - only a small florist so not overly complicated.
The accountant is getting very forgetful / vague / non committal on when tax return will be filed (all the work has been done apparently) - suspect Parkinsons or similar
Her tax return for last year is now overdue so she is going to be fined £100
She is also worried that filling her tax return late will mean she will lose her NI contributions for the year - she asked the accountant and he said 'maybe' !!
So my questions are :
1. Does late return of Tax return lead to loss of NI contributions for the year ?
2. If the accountant can no longer perform his duties presumably she will need to file the return with a new accountant. The difficulty with this is that she submits paper records of transactions so would need to somehow retrieve the docs from someone who is very unwell / forgetful
Thoughts ?
The accountant is getting very forgetful / vague / non committal on when tax return will be filed (all the work has been done apparently) - suspect Parkinsons or similar
Her tax return for last year is now overdue so she is going to be fined £100
She is also worried that filling her tax return late will mean she will lose her NI contributions for the year - she asked the accountant and he said 'maybe' !!
So my questions are :
1. Does late return of Tax return lead to loss of NI contributions for the year ?
2. If the accountant can no longer perform his duties presumably she will need to file the return with a new accountant. The difficulty with this is that she submits paper records of transactions so would need to somehow retrieve the docs from someone who is very unwell / forgetful
Thoughts ?
Does the individual; have an actual tax and NI liability for tax year 2021/22?
As well as the tax return needing to be filed by 31 January, the tax and NI due shoul;d also have been paid by 31 January too.
If the 2021/22 liability is not paid by 1 March, then an additional 5% surcharge will be levied on the liability.
Once any taxes and NI due are paid, then the NI requirement will be met.
As well as the tax return needing to be filed by 31 January, the tax and NI due shoul;d also have been paid by 31 January too.
If the 2021/22 liability is not paid by 1 March, then an additional 5% surcharge will be levied on the liability.
Once any taxes and NI due are paid, then the NI requirement will be met.
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