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Tax for Individuals / January 10th 2017

Personal Tax Deadline Looms

2016 came and went, and now we are well into 2017. However for all tax advisers around the country, there is still no doubt a huge panic and extra hours being spent in the office to make sure all client’s personal tax returns for 2015/16 are filed before the January 31st deadline. Although it has been almost 9 months since the end of the last tax year, you would be surprised as to how many individuals leave it to the last minute. According to HMRC, during the 2016 rush, out of the 9.24 million individuals who filed electronically a total of 4.45 million were filed in January 2016 alone with 823,000 of those received on January 30th and 31st alone (that is a staggering 18% of the total returns received in January). Not only this, but as of 1st February 2016, an approximate 870,000 returns were outstanding and therefore filed late. Here we will run through the likely penalties you will suffer if you file your self assessment tax returns late and also fail to make your tax liability payments on time. (more…)

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