2016 Tax Return – Is it Too Late to Submit My Previous Income Tax Return?
If you’re the ordinary UK taxpayer, data show that you’re most likely to miss out on a filing tax return deadline at some point in your life. There are clients who come to us to file the 2016 tax return, and it is better to file it late rather than try to ignore it. This is because a late tax return filing could you cost you thousands of pounds if you do not file it. This occurs for a lot of reasons: moving home, family, job, vacation, or financial. But if it happens to you the first thing you have to do is stop stressing. It’s never far too late to deal with past tax returns– you simply need to take action and follow through with what you’re doing!
So just what do you do when you recognize you have to file a previous year income tax return?
The first thing to do is to recognize just what isn’t most likely to occur. You’re not going to receive a high tax penalty if you take action now. This isn’t a disease. This may not also spoil your credit score! The reality is, since we’re all most likely to forget it at some point, there’s an excellent process in place for when you fail to remember the 2016 tax return or other past tax returns.
Additionally, many people who have previous tax returns are owed a reimbursement. This means that they can actually claim back tax. So there is no need to panic. The fact is, with most late filers, they’re in a position to get cash back. When you postpone declaring, you only postpone getting what is rightfully due to you.
The first thing to do, as soon as you’ve plucked up the courage, is to file an extension (if you’re within a month of the tax deadline). It is up to the tax authorities to decide on if you are eligible for an extension, sometimes they understand that you mean to pay those previous tax returns in good faith.
It might even keep you from receiving late penalty interest!
If you’re way past the deadline by a few months (or years), read on…
If you have your extension in place– or if don’t get approved for one– begin preparing your previous income tax return today. You will need to collect all your relevant financial papers and make sure they are organized. If you do not really feel efficient in taking care of the declaring on your own, a tax expert that focuses on unpaid taxes is a smart idea. However, there are also numerous online services that will submit the 2016 tax return and past income tax return for you. They’re more affordable than typical accountants and a lot, much quicker.
Missing a tax return deadline is not fun. However, there is a way that you can get your ducks in a row and iron out the tax problems. Just remember to breathe, claim tack your tax refund if you’re eligible getting refund, and the entire process can be fast as well as pain-free.
If you would like to speak with us about our services for your 2016 tax return, send a message on the Live Chat now and a member of our team will be happy to assist you. Or complete the form below for a free callback today.
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