What happens if I make a mistake on my tax return?

It’s that time of year when, for many small business owners, self-employed professionals and more, the impending deadline of the tax return looms large and heavy. It can be overwhelming for some, but it needn’t set you into a panic. The main thing to remember is to file it. If you’ve been informed that you need to file a self-assessment tax return, then you must file it - even if there is no tax … [Read more...]

What if I miss the tax return deadline?

Should you fail to meet the deadline to submit your self-assessment tax return there are penalties which HMRC will charge automatically. The first deadline is the 31st October for paper returns, but if you miss that deadline you are not fined as long as you submit the electronic version before the 31st January, but if you miss this deadline, and fail to pay any tax due by the same date then the … [Read more...]