So with only 18 days left to submit and pay your 2012/2013 tax return HMRC has compiled a list of excuses for late submissions https://www.gov.uk/government/news/revenue-reveals-top-10-oddest-excuses-for-late-tax-returns. My personal favourite is ‘my business doesn’t really do anything’.
There are still approximately 4 million people yet to submit their return and submitting your first return can be daunting especially if you’ve put the bookkeeping on the back burner whilst you grow your business. Here are a few additional things to consider:
If you haven’t already signed up to the HMRC Online Services to submit your 2012 -2013 tax return then you really need to think about doing so as soon as possible as once you’re registered they send you an activation code which can take up to 7 days to arrive.
There are penalties if you miss the deadline. The current penalties can be found at: http://www.hmrc.gov.uk/sa/deadlines-penalties.htm. One thing to remember is that not only will you have to pay the daily penalty there will also be additional penalties on the amount of tax you owe.
If you are struggling to find time to prepare your accounts to complete your tax return by 31 January then you might want to consider hiring a bookkeeper. It can cost as little as £12 per hour to hire a bookkeeper to prepare your accounts ready for you to complete your return compared to the charges you will incur for late submission.
I understand that all this can be daunting and can take up a lot of your time but if you need any help or just have a query then don’t hesitate to contact me.