If you are reading this post, I am guessing you may be one of the approximately 700,000 people who missed the 31 January 2018 deadline for their 2016/17 Self Assessment Tax Return and are now a proud owner of the £100 Fine letter from HMRC.
Whilst your excuse may be genuine (or not!) there is nothing more frustrating than having to pay the Tax Man more than you ever need to… It’s easy to bury your hand in the sand with any fine you receive, but I am here to stress to you that this will get a whole lot worse if you don’t do anything with it.
How bad can it be on just one outstanding tax return? Well here goes… meet my mate Dave.. again… Dave is a self-employed builder who has an estimated £5,000 tax bill. By ignoring every deadline for the next 12 months, you can see below how quickly that £100 fine turns into a £2,200 fine.
As with any great story… there is a moral. Don’t be like Dave, get your Tax Return in on time.
Gaz the Tax