ListenToTaxman.com

UK PAYE Tax Calculator / Salary Calculator

The number 1 free UK salary calculator tax calculator since 1998. Calculate salary, national insurance, HMRC tax and net pay

HMRC gives late tax return offenders a chance to catch up

Save on Self Assessment fines by taking advantage of HMRC's latest campaign offering those who have outstanding tax returns a chance to catch up under more favourable terms.

My Tax Return Catch Up is the latest campaign from HMRC offering those who have outstanding tax returns, from previous years, a chance to catch up under more favourable terms.

As our recent article on just how much a late Self Assesment tax return can cost you shows, being late with a return can be a costly mistake. Being one year late with your self assessment return can cost you up to £1,600, even if there was no tax owing! Until October the 15th HMRC are offering those who have outstanding returns and tax owing a chance to submit them, while incurring minimum penalties.

To participate you need to notify HMRC that you wish to take advantage of the scheme. Then you complete your tax returns and pay tax owing before the 15th of October.

Tax returns for years 2009-10 onward can be submitted online. If you wish to make a return for earlier tax years you will have to do so through paper returns.

If paying what you owe all in one go is beyond your means at the moment, HMRC may find a way to spread your tax debt over a series of payments.

HMRC have set up a dedicated Helpline on 0845 601 8818, (0044 1202 585395 from outside the UK). Lines are open Monday to Friday 9.00am to 5.00pm.

If, however, your tax affairs are already under investigation by HMRC, you cannot partake in this scheme.

See HMRC for more information on My Tax Return Catch Up.

 

This article was published in our News section on 03/09/2013.

Some Guides you may be interested in

  • Top Ten Claimable Expenses for Limited Companies Let’s start with a thought experiment. I’ll set the scene. You’re a limited company owner, and you, as the director, are the sole employee. You also - understandably – love learning about tax. You open up the Monday morning paper to find some exciting news - HMRC has hinted there are going to be some big changes in the upcoming UK budget.....
  • Salary vs Dividends A guide to tax efficient remuneration for Limited Company directors for 2019/20.
  • What changes to buy-to-let mortgage interest tax relief for landlords? Undoubtedly the biggest source of tax confusion for prospective landlord clients that we speak to here at TaxKings relates to the changes to tax relief for residential landlords, introduced by the UK Government in April 2017.
  • Top Ten Year-End Tax Planning Tips for Small Businesses Tax planning for small businesses is not always straightforward, in fact it can be a serious minefield for the unwary. The chances are however that you and your business could almost certainly pay less in tax, with help from your tax advisor. Here are some tips to get you started.
  • Making Tax Digital for Small Businesses Making Tax Digital for VAT (MTDfV) comes into effect from 1st April 2019. With Chancellor Philip Hammond announcing in his 2019 Spring Budget that MTD for other taxes will not be mandated until at least 2021, all of our focus is now on the VAT implementation.
  • End of Tax Year planning - Use your Allowances to reduce your tax bill. Last minute Tax Planning. Our guide to what annual allowances you have and how to use them to reduce your tax bill.
  • A Contractor's introduction to Director's Loans There may be a time when you need to loan money to or borrow money from your own Limited Company. Director’s loans are wrapped up in fiddly bits of legislation. When borrowing cash from your company, care must be taken. You must ensure that you fully understand the tax implications before you take any kind of loan from your business.
  • What do you do if you receive a letter from the HMRC Let Property Campaign? So you've received a letter from HMRC’s Let Property Campaign? Happy New Year! From my experience, your initial reaction is likely to be one of the following......
  • A contractors guide to VAT Value Added Tax (VAT) is a standard consumption tax levied on almost all goods and services in the UK. If you’re a contractor, working through your own Limited Company, registering for VAT could significantly improve your tax efficiency.
  • Off-payroll working in the private sector - a contractors guide IR35 is a tax legislation used to distinguish between employees and genuinely self-employed contractors. Last month we compiled a comprehensive guide to IR35. Now, we take an in-depth look at how the ‘off-payroll working’ rules, introduced to the public sector in 2017, will be extended to medium and large-sized businesses in the private sector from April 2020.

More from our News section