If you want to appeal a fine for submitting or paying your tax return late, you will need a reasonable excuse for HMRC. HMRC only accepts severe reasons for failing to submit or pay your tax returns on time. Some potentially acceptable reasons include:
It’s still essential that you submit your tax return or pay your tax bill as soon as possible, or else HMRC will not believe that you ‘did all you could’ to resolve your taxes on time. You may then be faced with heavy fines or penalties.
A late filing penalty is a fee charged by HMRC if you file your tax return late. As you might expect. The penalty varies depending on whether you’re a sole trader or whether you run a limited company.
Here are a few important things to bear in mind when it comes to paying your Self Assessment tax return:
Of course! We advise that you start a comprehensive spreadsheet to keep track of your taxable income and relevant expenses throughout the year in order to make your tax return more straightforward. This can be done on an Excel spreadsheet or Google sheet to keep things simple! Contact our team for more advice today!
If you are a self-employed contractor, remember to file your Self Assessment by 31st January the year after the tax year you’re paying for. For example, if you’re paying your 2023/2024 tax return, this should be paid by 31st January 2025.