Avoid the online tax return penalty

Reports today, say that over 2 million tax returns are still to be sent, pending tonight’s deadline.

Online tax returns sent on or after February 1st will incur an automatic fine of £100.

Penalties continue to grow 3, 6 and 12 months after the deadline date.

After this you will be fined £10 daily for the first three months and continue to total up to £300 punishment or 5% of your tax due for those six months late.

Last year the taxman gained £1 million from late submission fines.

Remember if you claim expenses or tax relief you will need to fill out your online tax return. More guidance can be found at http://www.hmrc.gov.uk/sa/need-tax-return.htm

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