Tax Return 2013-2014 Deadline 31 January 2015
- Created at
- Taxcare Accountancy
Articles By This Author
- Revenue Recognition in the Oil & Gas Industry unde...
- Accounting for Decommissioning Provisions under IF...
- Are you contracting with the public sector? You ne...
- To be a Company or to be a Sole Trader: that is th...
- The Impact of Flat Rate VAT changes on small busin...
- SELF-ASSESSMENT TAX RETURN 2015/16
- 5 Things never to ignore with your business bank a...
- Minimum wage increase – How will it affect your ...
- Self Assessment – Why do we Pay On Account?
- The Importance of Hiring a Great Accountant
Who needs to submit the Tax Returns?
If you have one or more of the following, then you must submit your tax returns
- You’re self-employed.
- You are a partner in a business Partnership
- You are a company director
- Your annual income more than £100,000 or more
- You have income from property
- You have income from savings or investment that has been taxed and is £2,500 or more (Bank account interest is usually taxes automatically)
- You need to claim expenses or reliefs
- You or your partner receive child benefit and income is over £50,000
- You get income from oversees
- You have income from trusts, settlement or estates
- You have capital gain tax to pay
- You have lived or work abroad or don’t live in the UK permanently
- You are trustee
The longer you delay the more you pay. So what could your looking at if you file too late? Here is simple breakdown:
1 Day late – £100 fine
3 Months late – The £100 above plus £10 for each further day they you are late, that’s up to potential £900 in fine.
6 Months late – All of these palatines above plus £300 or 5% of tax due (whichever is higher)
12 Months late – All penalties above plus £300 or 5% of tax due