Last year, 7% of people required to submit a self-assessment tax return failed to file their return on time. Many of them will have incurred an automatic £100 ‘fine’ for not meeting the submission deadline.
Why would people not pay their tax? One reason is that as of 13 January 2018, HMRC were no longer accepting personal credit cards and many people would not know about this change until they come to pay at one minute to midnight and the payment won’t go through.
It gets worse, of course, if the taxpayer sits on the problem. After missing the deadline they have three months ‘grace’ but if for some reason they still haven’t sorted things out then even bigger fines will be incurred, as well as the wrath of HMRC and that really should be avoided.
If you are in this situation, if you are in a panic about your self-assessment and how to pay your tax or if you are struggling in any way, get in touch with Howards now and we will give you all the help and support that you need.