Unfiled Tax Returns

Unfiled Tax Returns and How You Can Complete the Tax Return

Unfiled tax returns can be stressful and a real headache for many people. It’s likely that if you’re reading this then you didn’t know you had to file a tax return until close to the deadline.

This article will help you to avoid that next time, and also give you key tips on what steps you need to take now to get the taxes done.

Finishing your income tax return can be both aggravating, as well as, lengthy. However the entire procedure can be made a great deal easier by recognizing the procedures and planning ahead of time.

You could finish your annual tax return on paper or online; making use of either HMRC software in the UK, or one of the many conveniently offered industrial software on the internet.

We recommend doing this online as it is quicker, protects against delays and also there is no chance of it being lost in the post.


The deadline for sending your tax return back

The tax return deadlines for unfiled tax returns differ depending upon how you send your return back – these are called the declaring days.

The deadline for paper income tax return is 31 October complying with completion of the tax year, and also this is the day HMRC have to obtain your annual return.

If you are submitting your unfiled tax return online instead, HMRC gives you extra time and the tax return will be by 31 January complying with completion of the tax year.

It is essential you satisfy these deadlines so that you can avoid the late declaration penalty of £100. An additional £100 fine will certainly be incurred if this is still due after 6 months.

If you usually send your tax return by paper and you miss out on the 31 October tax return deadline, you may be able to avoid paying the late declaring fine by switching to the online tax return deadline of 31 January.

If your tax amount is less than £100 nonetheless, HMRC might minimize the penalty to an amount that is equal to your lower tax calculation.


Paper Tax Return
HMRC guarantees to compute your tax bill and also allow you understand the result before the settlement deadline of 31 January adhering to completion of the tax year, providing you send your paper return by the filing day.

If you send your return after the filing day, HMRC cannot ensure to compute your tax bill as well as tell you the lead to time for any kind of 31 January settlement.

If you would like to calculate your tax bill on your own, or if your paper return is late, you can ask the HMRC for their guidance pages and also notes to help you work out your tax costs.

The number to speak to HMRC on for this is 0845 9000 404. You do not should send the extra guidance pages HMRC as part of your income tax return.


Online Tax Return
The HMRC online return solution is easy to use, as well as, saves time compared with the paper variation.

In order to have the ability to make use of the on the internet service, you must initially register by going to the HMRC web site and following the self assessment registration procedure.

HMRC will then send you a Unique Taxpayer Reference Number (UTR) and this could take up to seven days to be received in the post.

As a result we highly advise: Do not leave signing up for the online solution until 31 January. Keep in mind, if you do then your return will certainly be late and you will certainly sustain the late fee penalty – do it well ahead of time to give yourself the best advantage.

A series of concerns will  be asked by the online income tax return system to check that you are completing the vital parts of the income tax return that apply to you.

The HRMC system will do the computations for you after you complete your details and it will provide an on-screen aid for you as you go along. The system has other built-in checks to help you in getting your tax return right.

As soon as you have finished the online return you will obtain an acknowledgement of invoice.


Keeping documents

To fill out a complete and also correct tax return, you should by law maintain all of your own records.

If your annual return is incomplete and you are discovered by HMRC to owe tax, you might be required to pay interest, as well as, a charge. So be sure to maintain all documents and also get it right to begin with.


Making use of provisionary and estimated numbers

If you are awaiting a few of the details which you require for your annual return, you can use provisional figures to prevent postponing filing your tax return.

If you are making use of provisional figures, remember to explain this in the ‘Other info’ box on the paper return, or in the white box for comments on the on the internet return.

Please remember to change your provision numbers with the final accurate figures as soon as you have them. To change numbers on your tax return you may need to file an amended tax return in the future.

In some cases when you have an unfiled tax returns for a long time you may have to estimate a quantity, for example, the exclusive proportion of motoring expenses or the cost of using part of your residence for business usage.

You do not need to change this number, but it is a good idea to have evidence and get the tax return reviewed by a tax expert.

If you would like to learn more about how to file taxes start a conversation 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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