Tax Return Reminder
The deadline for submitting your 2015/16 self assessment return (£100 automatic penalty if your return is late) and the balance of your 2015/16 liability together with the first payment on account for 2016/17 are now due
This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 NI, capital gains tax and High Income Child Benefit Charge liabilities.
There is a penalty of £100 if your return is not submitted on time, even if there is no tax due or your return shows that you are due a tax refund.
The balance of any outstanding income tax, Classes 2 and 4 NI, capital gains tax and High Income Child Benefit Charge for the year ended 5th April 2016 is due for payment by 31st January 2017. Where the payment is made late, interest will be charged.
The first payment on account for 2016/17 in respect of income tax and any Class 4 NI or High Income Child Benefit Charge is also due for payment by 31st January 2017.
If Hunter Gee Holroyd have already dealt with your self assessment return on your behalf you need take no action.
Spare yourself these excuses…
HMRC (source: www.gov.uk) have received the following bizarre excuses used by taxpayers when supplying their tax returns:
…My pet dog ate my tax return…and all the reminders.
…I was up a mountain in Wales, and couldn’t find a postbox or get an internet signal.
…I fell in with the wrong crowd.
…I’ve been travelling the world, trying to escape from a foreign intelligence agency.
…Barack Obama is in charge of my finances.
…I’ve been busy looking after a flock of escaped parrots and some fox cubs.
…A work colleague borrowed my tax return, to photocopy it, and didn’t give it back.
…I live in a camper van in a supermarket car park.
…My girlfriend’s pregnant.
…I was in Australia.
All of these people and businesses received a £100 penalty from HM Revenue and Customs (HMRC) for filing late. They appealed against the decision using these excuses, but were unsuccessful.
HMRC’s Director General of Personal Tax, Ruth Owen, said:
“There will always be unforeseen events that mean a taxpayer could not file their tax return on time. However, your pet goldfish passing away isn’t one of them.”
For peace of mind for the 2016/17 tax year, contact Hunter Gee Holroyd www.hghyork.co.uk or call 01904 655202 to discuss your tax planning. There’s no reason not to!