Straightening Things Out When You Miss the Self-Assessment Deadline

There are specific dates each year when taxpayers are required to send their Self-Assessment tax return as well as make payments. As a tax payer, it is crucial that you know all these dates. When taxpayers miss these dates, they will have to pay for the penalties and interest.

Actually, thousands of taxpayers were granted an extension with regards to the deadline of submission of their self-assessment tax return.

Approximately, 1.5 million people have not yet submitted their self-assessment tax return for 2015 up to present and those taxpayers who missed the deadline are automatically charged certain penalties. Unfortunately, only some of them can benefit from the extension.

Fortunately, there are some important factors that can help taxpayers to be qualified for the extension. Also, you have to remember that filing your self-assessment tax return few days late will pile up your penalties.

If you happen to miss the submission deadline of self-assessment tax return, there are some things that you can do in order to straighten things out.

Do you have any reasonable excuse?

If you have a very good reason for not filing your self-assessment tax return on time – like death or serious illness in your family, you need to inform the HMRC office right away. They will consider this as a reasonable excuse for not filing on time.

1. Pay your tax and file your self-assessment tax return as soon as possible.

If you don’t want to pay more penalties and interests, don’t wait any longer and file your tax return or pay your taxes as soon as you can. Remember that if you persistently pay and file late, HMRC will not be pleased and they might send you random visits from inspectors.

2. Put systems in the right place for the next coming years.

Make sure that this won’t happen again. Start collecting your paperwork regarding tax return as soon as possible after and repeat this for the next years to come. Have a box storage where you can store your file and keep the necessary documentation for every year.

One great way to help avoid last minute rush as well as potential penalties is to hire an accountant who can file your self-assessment in your behalf, and a bookkeeper who will be the one to maintain all your financial records. In that way, you won’t be affected by any hassles that paperwork can bring and you can definitely submit your tax return and pay tax on time.

If you hire a professional and experienced accountant, there’s no need for you to worry because they know how to comply with all the rules and requirements needed for self-assessment tax return. If you want to know more about it, it’s best that you only reach out to the best accounting firms that specializes in this field. With the help of an expert comptable Nantes, you will never miss any important tax-related schedules anymore because they will be the one to keep you up to date. Contact an expert today.

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