Filing your tax return on or before the deadline – the real deal
I truly never cease to be amazed by just how effective the taxman’s £100 (and rising) late filing penalty is, for annual personal self assessment tax returns…
Conscientious clients who have been with my Accounting firm for many years… still telephone me to check they won’t be fined and that their tax return is complete and ‘in’. My answer each year is pretty much always the same…
“ In all these years that I have been looking after you and your business, providing the best Accountancy Service, have you ever been fined? Has your tax return ever been filed late? No, never, so don’t worry and leave it all to me just as you do each year ”.
The reality is that £100 late filing penalty represents outstandingly good value for money, a bargain in fact! The fine hasn’t gone up for the past 10 plus years! By now It should be at least double…
But of course whilst most small business people understandably wish to avoid the fine most of them remain blissfully unaware of the real reason to file their personal self assessment year end tax return on time…
The REAL DEAL is this:
We all live in an increasingly State regulated “suffocating digitally processed computer state…you are no more/no less, than an on/off, tax paying UTR account number” (be aware, I speak the truth).
Any self employed proprietor/business failing to file an annual tax return on time is now profiled as a legitimate target for further and future enquiry and investigation – and let me assure you, that is the last thing you need at any time… let alone in a recession (that they tell us is over now) and when you have more pressing problems to attend to which caused you to miss the tax return filing deadline in the first place.
If you employ an accountant there is really no excuse to file a late tax return – where ever you are based, don’t be another victim of “taxman computer profiling”, telephone me Frank Waller FCPA, on Peterborough 01733 265888, there’s still more than enough time to sort it out.
And if you do miss the deadline… all I can say is this: if you’ve read this, then you’ve had the wake up call and know the true implication, telephone my office for your next best step – I am an incurable optimist, better late than never! Now you weren’t expecting that from an Accountant?
Stonehouse Accountants in Peterborough Specialise in Inland Revenue Tax Returns, call them on Peterborough 01733 265888