Do You Have to Submit a Self-Assessment Tax Return?
We know it’s crucial to send in your Self-Assessment Tax Return on time and correctly. Our services in Oxford City, UK, help people and businesses meet their tax duties well. We make sure you do it right, avoid fines, and follow HMRC rules properly.
Completing a Self-Assessment Tax Return in the UK is very important for people and businesses. It’s necessary to record income, gains, and other financial details correctly for HM Revenue and Customs (HMRC). This helps ensure that taxpayers pay the right amount of tax based on their earnings and situations.
If you don’t finish and send your Self-Assessment Tax Return on time, you could face big fines and legal problems. So, it’s really important to do it on time to avoid these issues.
HMRC imposes penalties for late submissions of Self-Assessment Tax Returns. These penalties can increase over time and significantly impact your finances.
Late submissions may also incur interest charges on any outstanding tax payments, adding to the financial burden.
Persistent delays or non-compliance with Self-Assessment Tax Return deadlines can lead to further legal action and potential court proceedings.
Late filings may result in the loss of certain tax benefits or reliefs that you may be entitled to, affecting your overall tax position.
Delays in tax submissions can hurt your credit rating, affecting your ability to access credit or financial services in the future.
Receive your certificate of incorporation once your company is successfully registered. This certificate confirms the legal existence of your company.
If you submit your self-assessment tax return late, you may face these penalties:
- 1 day late: A £100 penalty
- 3 months late: You might be charged £10 per day for up to 90 days (maximum £900)
- 6 months late: An additional penalty of 5% of the tax you owe or £300, whichever is higher
- 12 months late: Another penalty of 5% of the tax you owe or £300, whichever is higher. You might end up paying up to 100% of the tax you owe.
Our skilled team in Oxford City, UK, focuses on following HMRC rules, reducing risks, and making tax processes easy for everyone, whether you're an individual or a business.
