Only 3 days left to go to get your tax return in !!!!
If you miss the deadline, you’ll need to be aware of the fines.
The deadline for paper returns is 31 October 2015, so if you haven’t done a personal tax return yet, it has to be online.
Here’s what could happen if you don’t get it on time…..
If it is 1 day late – you get hit with a fine of £100
It is then £10 for each day over 31 January 2016, up to 30 April 2014 (90 days) at which point, the extra fine will be £900. Add on the original £100 and it is £1,000.
If you still haven’t submitted it by 31 July 2016, the fine will be an additional £300 or 5% of the tax, whichever is the highest. The fine now totals £1,300.
If you still haven’t submitted it by 31 January 2017, the fine goes up by another £300 (or 5% of the tax) which means that your total fine is £1,600.
These are only fines relating to not submitting a tax return.
There are also the fines and interest on not paying the income tax.
