self-assessment deadline

Member Article

Liverpool Accountant warns local businesses of ‘looming’ self-assessment deadline

One of the city’s leading tax investigations specialists has issued a stark warning ahead of this month’s self-assessment return deadline.

Des Veney, Director of Haines Watts Chartered Accountants on Victoria Street, is urging taxpayers to file their reports as soon as possible and ahead of January 31, in order to comply with HM Revenue and Customs strict guidelines.

He said: “The last thing you want after Christmas and New Year is worrying about your self-assessment tax return. However, with HMRC abrupt approach to those who miss the deadline, a hefty fine will be issued if you fail to do it.

“Even if you are one day late in submitting it, you will receive an immediate £100 fine, regardless of whether or not you actually have any outstanding tax.”

More than 10 million people are due to file returns by the end of the month, and as of 6 January more than 4 million had not done so. HMRC says that if you register by 21 January 2014 you will be able to meet the deadline for filing 10 days later. After that, you are taking a risk that you won’t get the paperwork you need in time.

Des added: “Last year many people who filed their returns just about made the deadline. The busiest day was January 31, when 578,000 were submitted. 7% of those that needed to self-assess, failed to meet the deadline, which resulted in a mass of unnecessary expense.

“People should also be aware that HMRC accept very few excuses for late filing, only exempting genuine reasons such as the recent death of a partner or those battling a life-threatening illness. I advise those effected to get theirs completed now.”

This was posted in Bdaily's Members' News section by Stephanie Wynne .

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