White Collar Consultants Limited

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AAT Tax Workshop


As I am sure you know if you follow my posts last night I attended the AAT tax workshop for personal tax returns.
The evening was most informative and the speaker kept the audience captive by constant interaction.
I think the most important notes I would like to share with you are the deadlines and penalties.
Although hmrc do request that all returns are now filed online there might still be those amongst us that file paper returns and if this is the case then I cannot stress enough how important it is that you address this matter urgently as the deadline for paper returns is the 31 October. If in doubt give us a call and we can advise you as the penalties incurred are usually hefty and could amount up to £1600 for a return filed a year late.
For those of us that are registered and file online the deadline for submission and payment is the 31 January. Because of the deadline for payment been on the same day I would recommend that you have your return filed at least two weeks prior to the end of January to ensure that payment is made on time.
If you need any assistance in regard to personal tax or any other accounting needs feel free contact me via email or over the phone to arrange a meeting.

Deadline Dates Tax Return 2014
Paper Returns 31 Oct 2014
Online Returns 31 Jan 2015
Payment to HMRC 31 Jan 2015

Penalties for late filing

£ £ 0 – 3mths                   100.00      100.00
3 – 6mths   £10/day         900.00    1,000.00
6 – 12mths 5% of tax or   300.00    1,300.00
12mths+     5% of tax or   300.00    1,600.00 or up to 100% of tax

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