Franchisees help clients avoid penalties for late submissions
TaxAssist Accountants’ franchisees filed more than 100,000 personal tax returns on behalf of their nationwide client base ahead of HM Revenue and Customs’ January 31 self assessment deadline.
Almost a million UK taxpayers missed the 2018-19 deadline, incurring immediate £100 late filing penalties, according to TaxAssist.
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Samantha Skyring, the company’s senior training and communications manager, says: “Our nationwide network of 375 offices helps businesses, self-employed individuals and those with second incomes to accurately calculate and pay their tax liabilities on time.
“Our accountants encourage the UK’s business community to not delay the inevitable and avoid late filing penalties that become an unnecessary drain on business finances.”
As the UK has one of the most complex tax systems in the world, business owners often struggle to find the time to prepare even the most straightforward self assessment tax return.
Furthermore, HMRC is not obliged to advise the self-employed community about how to organise their financial affairs and minimise the tax they pay.
Those who miss the January 31 deadline for the online submission of self assessment tax returns are liable for an automatic £100 late penalty, while taxpayers with returns overdue by more than three months will be hit with £10 daily penalties, which continue until they reach £900.
Should a tax return be more than six months late, a penalty of the higher of £300 or five per cent of tax due will be charged. The same level of penalty is applied again if the return is more than 12 months late.
All these penalties are in addition to one another. As a result, total penalties for a late tax return could be more than £1,600.