The smart choice for self-employed professionals

The holiday season is approaching and perhaps many of us already anticipate the Christmas feasts with our loved ones. As the New Year approaches we all hope that it will bring us happiness and prosperity but we should not forget the inevitable aftermath - It’s time to deal with taxes once again.

We’ve asked the UK tax experts at Taxback.com to advise about important tax filing deadlines in the beginning of 2014 and here’s what your need to be aware of:

31^st January 2014

• Deadline for online submission of Self Assessment tax returns for tax year ended 5 April 2013.
• Deadline for paying Self Assessment ‘balancing payments’ for tax year ended 5 April 2013.
• Deadline for first Self Assessment payment on account for tax year ended 5 April 2013.

You may need to file a UK self-assessed tax return for a variety of reasons including if you're self-employed if you have additional income like, for example, rental or investment income.

If you have already submitted your self-assessed tax return for 2012/13 in paper earlier in October the above deadline does not apply to you. 

Below we have outlined the now more stringent penalties that came into place on 31^st January 2013.

 

Length of  Delay	Penalty
1 day late	£100 fixed penalty. This applies even if you had no tax to pay.
3 months late	£10 for each following day - up to a 90 day maximum of £900. This is as well as the fixed penalty above
6 months late	£300 or 5% of the tax due, whichever is the higher. This is as well as the penalties above.
12 months late	£300 or 5% of the tax due, whichever is the higher. In serious cases you may be asked to pay up to 100% of the tax due instead. These are as well as the penalties above.

 

If you need any assistance with your UK tax affairs do not hesitate to register for professional assistance here!

Our partners from Taxback.com provide tax refund services for people working in the UK since 1996. It’s FREE to find out how much you’re owed so check now. The company offers income tax refunds from 16 different countries so if you worked in another country it’s worth checking if you are due any tax refunds.

Kind regards,

Consort and Taxback.com teams