Avoid Spiralling Costs in Relation to Tax Deadlines
Failure to Submit your Tax Return

It pays to take note of deadlines regarding submission of your tax return. For instance if you failed to submit your tax return by 31 January a charge of £100 will be incurred and this will double if by the 31 July if your tax return has still not been received by the Revenue. Failure after this date can result in a daily penalty of £60.

2.6 million tax returns were filed in the last two weeks of January. The Revenue has said that every effort to minimise mistakes is made, but given the volumes there are likely to be some.

... and there were... Some people who did submit their returns online and had email confirmations of receipt then received a penalty notice for late submission !

The Revenue has since apologised for their error and has said that there "is no question of anyone having to pay a penalty if their tax return was filed on time. When a penalty notice has been issued in error we will apologise and put matters right straight away."

Failure to pay tax due

A five percent surcharge will be levied by the Revenue on all unpaid tax as from 28 February, 28 days after the original deadline. Interest will then be payable on the surcharge if it is not paid within 30 days of the date of the notice. Those who continue to delay their payment will incur a further surcharge of five per cent on the tax still unpaid by 31 July 2005.

Remember by making a note of the submission dates, you can avoid all the above penalties and avoid what could be a very expensive tax return in more ways than one !

Qdos Consulting provides Tax Protection and Liability cover from just £99 per annum including IPT.

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Posted 04/03/05

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