Self assessment deadline!
Discussion
One of my colleagues predicted in December that one client in particular (lots of let properties) would phone up at 10am on Friday 29th January.
And guess what! 9:45 and she called! There's not a chance in hell of getting it done in time..
Two letters, one in September, another in December (when he made the prediction) and it's still left till the last minute.
Same people every year!
And guess what! 9:45 and she called! There's not a chance in hell of getting it done in time..
Two letters, one in September, another in December (when he made the prediction) and it's still left till the last minute.
Same people every year!
My first year and i completely forgot... not helped by the fact i forgot to inform the HMRC of a change of address so everything they had sent out to me went to the wrong house. No point in stressing about it though, if its late its late. Entirely my fault and so ill pay the fine and make sure im more organised next year!.
Anyone got any clear information on the status of Late Filing Penalties this year.
Since the introduction of the Late Filing Penalty (effectice from 31 January 1997), the fine of £100 could only be charged if the return was late AND the taxpayer hadn't cleared in full the tax amounts they needed to pay by 31 January. If they were due a refund, there was no penalty. If they owed less than £100 tax, the penalty could not exceed the tax amount owed.
A new penalty system came into effect on 6 April 2009. HMRC have said that thhe 2008/09 Self Assessment tax returns would be affected by these new rules. My interpretation of the new rules was that the £100 penalty would be due WHETHER THE TAX PAYER OWED TAX AT31 JANUARY OR NOT.
I have worked on this basis for all my 2008/09 tax returns.
However, the media (BBC Radio 4 "Money Box", for instance) are still telling people they will not be charged the £100 penalty if they do not owe any tax.
The accounting and tax forums do not seem to know what the current situation actually is. i9s .
Has anyone any idea what HMRC will do with late forms this year when the taxpayer owes no tax?
Since the introduction of the Late Filing Penalty (effectice from 31 January 1997), the fine of £100 could only be charged if the return was late AND the taxpayer hadn't cleared in full the tax amounts they needed to pay by 31 January. If they were due a refund, there was no penalty. If they owed less than £100 tax, the penalty could not exceed the tax amount owed.
A new penalty system came into effect on 6 April 2009. HMRC have said that thhe 2008/09 Self Assessment tax returns would be affected by these new rules. My interpretation of the new rules was that the £100 penalty would be due WHETHER THE TAX PAYER OWED TAX AT31 JANUARY OR NOT.
I have worked on this basis for all my 2008/09 tax returns.
However, the media (BBC Radio 4 "Money Box", for instance) are still telling people they will not be charged the £100 penalty if they do not owe any tax.
The accounting and tax forums do not seem to know what the current situation actually is. i9s .
Has anyone any idea what HMRC will do with late forms this year when the taxpayer owes no tax?
I finally gave up trying to do my own tax returns and got an accountant to do mine this year. He told me that the Revenue didn't like people submitting last-minute because it makes them think they're looking for ways of hiding things! Not sure how true that is - I've always been last-minute with my tax returns.
Fair play to the bloke, though, he only got my books 3 weeks ago. Tax return went off today.
If I pay by debit card on the HMRC website, will that count as having been paid today even if the funds aren't in their account until Monday/Tuesday?
Fair play to the bloke, though, he only got my books 3 weeks ago. Tax return went off today.
If I pay by debit card on the HMRC website, will that count as having been paid today even if the funds aren't in their account until Monday/Tuesday?
SGirl said:
I finally gave up trying to do my own tax returns and got an accountant to do mine this year. He told me that the Revenue didn't like people submitting last-minute because it makes them think they're looking for ways of hiding things! Not sure how true that is - I've always been last-minute with my tax returns.
Fair play to the bloke, though, he only got my books 3 weeks ago. Tax return went off today.
If I pay by debit card on the HMRC website, will that count as having been paid today even if the funds aren't in their account until Monday/Tuesday?
I paid my own liability today Fair play to the bloke, though, he only got my books 3 weeks ago. Tax return went off today.
If I pay by debit card on the HMRC website, will that count as having been paid today even if the funds aren't in their account until Monday/Tuesday?
.If the return is in by the deadline, you won't receive the penalty.
If the tax payment is a little late, at worst, you will pick up a small interset charge.
However, DO NOT delay payments beyond 28 February. If you do, that part of your tax bill due on 31 January that SPECIFICALLY relates to the 2008/09 liability will be subject to a flat 5% Surcharge - which can come to a much higher amount than the £100 penalty.
Accounts handed over in October to the accountant and paperwork arrives on Wednesday to say what our tax bill is. After a few years of good service he has been rubbish this year and by the looks of it has been very lazy resulting in a higher than expected bill....a couple of days before it has to be paid. 
Mine will be submitted tomorrow but what mystifies me is;
When it shows you your tax calculation it warns that the total does not include payments on account. Why not? Come on it's on the site but a few clicks away? Why not just do us individuals who only visit the site once a year a favour and make it simple by saying pay us this by Jan 31st and this on Jul 31st.
I'm sure there's a clarification note available somewhere but it doesn't even make it clear from which total the payments on account should be removed (yes I know it's "obvious" but it's a comfort thing).
This is also compounded by the fact that only HMRC could come up with a system of such fiendish complexity that it is able to split 2 physical payments into no less than 10 separate entries...
Time to pay for an accountant methinks,
When it shows you your tax calculation it warns that the total does not include payments on account. Why not? Come on it's on the site but a few clicks away? Why not just do us individuals who only visit the site once a year a favour and make it simple by saying pay us this by Jan 31st and this on Jul 31st.
I'm sure there's a clarification note available somewhere but it doesn't even make it clear from which total the payments on account should be removed (yes I know it's "obvious" but it's a comfort thing).
This is also compounded by the fact that only HMRC could come up with a system of such fiendish complexity that it is able to split 2 physical payments into no less than 10 separate entries...
Time to pay for an accountant methinks,
Eric Mc said:
What's the story on the penalties then?
Are the rules different this year?
We received a £100 penalty for late submission of our corporation tax return, despite £0 owing. (And also despite actually getting the return in on time. They had duplicated the instance of our company, the freaking eejits)Are the rules different this year?
I would assume it's the same for self assessment, but saying that, it's dangerous to assume anything where these loons are concerned.
Don't assume ANYTHING.
The ONLY tax return where the £100 limit penalty was waived if there was no tax payment due at 31 January was the PERSONAL Self Assessment tax return.
Partnership tax returns receive an automatic penalty of £100 FOR EACH PARTNER if they are late (there is no tax liability waiver here as partnerships never owe tax).
Corporation Tax returns ALWAYS receive the £100 penalty whether tax is due or not.
P35 returns also are hit for £100 for EVERY MONTH thay are late - irresepective of tax owed.
P11ds, P11d(b)s and Class 1A NI returns ALL attract £100 penalties whether any tax or NI is due. They also receive an additional £100 penalty for every month late.
The ONLY tax return where the £100 limit penalty was waived if there was no tax payment due at 31 January was the PERSONAL Self Assessment tax return.
Partnership tax returns receive an automatic penalty of £100 FOR EACH PARTNER if they are late (there is no tax liability waiver here as partnerships never owe tax).
Corporation Tax returns ALWAYS receive the £100 penalty whether tax is due or not.
P35 returns also are hit for £100 for EVERY MONTH thay are late - irresepective of tax owed.
P11ds, P11d(b)s and Class 1A NI returns ALL attract £100 penalties whether any tax or NI is due. They also receive an additional £100 penalty for every month late.
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