If you are a self employed worker who didn’t care about getting in your tax return by 31st January…get ready for a shock.
The standard fine for missing the HMRC tax deadline is £100, but from today all of that is changing.
Yes, HMRC still bill you for the £100, but they also want more money as a way to punish you for not playing by their rules.
How much exactly? “£10 a day,” is the message coming from HMRC headquarters, which means late tax returns just got more expensive than ever before.
It isn’t just late tax returns either, oh no, if you got your tax return in on time but haven’t paid your tax bill yet then expect to be charged £10 a day, starting from today.
Don’t forget, sending payment to HMRC is not always straight forward either, as a credit card is typically NOT accepted.
Send a cheque is my advice, or get a postal order. Whatever you you do though, just get it sorted.
What if you don’t pay…will it just go away? No, is the simple answer to that question. The people over there at HMRC headquarters keep everything on file, and those £10 fines keep on adding up.
90 days is how long they keep charging you for, which gives us a grand total of £900. All for not sending in your tax return or paying your tax bill.
Add on the £100 automatic fine and that is £1000 pounds sterling that you could be charged for.
Not only that, but HMRC have warned that interest will also be incurred for any tax or fines that are owed. Something tells me you might just want to get this sorted.
Too lazy to do it or just don’t know where to start? Hire an accountant then. That is what they are there for.
Fortunately, you can find the best accountants for self employed workers right here at this website. They specialise in tax returns and tax bills, and can wave their magic wand over your books throughout the year.
Think about it – a quality accountant might cost you £100 a month, but if that means you avoid fines and you can also legally pay less tax…then it is a smart move for any self employed worker.
So the best thing you can do for yourself right now to to hire an accountant and let them do everything for you. Don’t think about it any longer. Just do it, right now.