With the Tax Return deadline looming this weekend, are you ready for the Tax man?
Last year the busiest day for filling a Tax return was the 31st January. With over 500,000 people filing their return on the very day of the deadline. Can you imagine the stress levels? From the self-employed to those claiming benefits there are 7.93 million people looking to do their tax return this year, and as the impending date moves ever closer, it’s perhaps best not to leave it until the final hour. Although many of you might be thinking that you can hoodwink the Tax man with a sick note, they’ve issued a clear warning to those who think they can wiggle out of a penalty.
By issuing the 10 worst excuses they received with last year from late returns, they’re taking no prisoner attitude is loud and clear. If your excuse can beat these unlikely lot, then you’ll be one in a million. Even cruising around in your yacht or having a run in with a cow will still get you a hefty fine, and as business owner you know that money like that could be better spent elsewhere. And it’s not just the shocking excuses that can make your bank account a little lighter.
Penalties can be charged if there are errors on returns or on other documents relating to it. Taking reasonable care and just getting on with it, is going to ultimately save you. Even if your business ‘doesn’t really do much’ as stated by a Kent Financial Service, you still need to make the Tax man aware of everything you’ve been doing in the past year. The later you submit it, the bigger the fine. So gather your receipts and give your accountant a call because a Saturday deadline is awaiting you.