Top Service News
HMRC Deadline Imminent
Published on
Around £12m people in the UK are required to file a Self Assessment with HMRC every year detailing their earnings. The January 31st deadline for Self Assessment returns is approaching fast and those who file late will face fines of at least £100.
The January 31st deadline also applies to payments of tax for which late payers will be fined and charged interest. The fine can be as much as 100% of the tax bill if HMRC feel that a tax payer has deliberately evaded payment. HMRC collectors may personally visit those who default and, in the event of non payment, HMRC may start bankruptcy proceedings as a last resort if more than £5,000 is owed.
The Government’s Small Business Commissioner is advising sole traders and partnerships to chase any monies owed to them as a matter of urgency:
“You can’t pay your tax if your customers don’t pay you” says Liz Barclay, Small Business Commissioner.
Emma Reilly, MD of specialist construction collections agency Top Service Ltd says:
“If you need to free up some cash it’s not too late to instruct us to recover your overdue accounts in time for the HMRC deadline. Call us for a chat on 01527 51880 if you need any help”.
Anyone struggling to pay their Self Assessment tax bill on time can find help from HMRC here:
https://www.gov.uk/difficulties-paying-hmrc