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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4199
Experience:  FCCA FCMA CGMA ACIS
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I'm being fined a few thousand pounds Self

Customer Question

Hi,
I'm being fined a few thousand pounds for late Self Assessment Tax returns - is there anything I can do to reduce the fine?
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and happy to help you with your question.
HMRC can charge interest on late payment of taxes, but this is only fair as they pay the same on late refunds! However these tend to pale into insignificance against penalties for late filing.
The first thing to do is get the relevant returns filed if you have not already done so. Remember, you only need to file if you are in receipt of income which has not been taxed or if HMRC so require you. Then check if the penalties are correctly calculated. HMRC's declared policy is not to impose fines, but they seem to occur with unfortunate frequency. If they are in fact incorrect then you should appeal against their imposition which you do my merely writing a letter. Other than that there is little to do save to ensure that you get returns in on time.
I do hope that I have shown you a way forward in this matter.
bigduckontax and other Tax Specialists are ready to help you
Customer: replied 1 year ago.
Thanks Keith,The charges are I believe fine for late submission of Self Assessment - I have only recently submitted my tax returns for 2013-14. They amount to just over £4,000. I am required to submit a Self Assessment as my salary is over £100k per annum.
Customer: replied 1 year ago.
Hi Keith,Are you able to add anything further following my additional information ?
Expert:  bigduckontax replied 1 year ago.
You must also submit a return for 14/15. This must be done by 31 January, so get your skates on!
Check the penalties to make sure they are correct.
Expert:  bigduckontax replied 1 year ago.
Thank you for your support.