• Login
  • Join
  • Access Problems
  • Status
GRL Landlord Association
  • RH (Wales) Act
  • Home
  • Pricing
  • Subscribers
  • Services/Discounts
  • Forms
  • Recent
  • Contact
  • Find Answers
    • England Guidance
    • Wales Guidance
    • Housing Changes Timeline (E/W)
    • Admin/Tech Support
    • Search Website
    • Weekly Digest (Subscribe)
  • Ask a Question
    • Ask Question
    • View Questions
    • Your Q & A Activity (from Sept 2020)
Select Page

Don’t Panic if You Haven’t Filed a Tax Return Yet

by guildy | 17 Jan 2019 | News, Tax (England), Tax (Wales)

Don’t Panic if You Haven’t Filed a Tax Return Yet

The tax man reckons around 5.5 million people have left filing their self-assessment returns to the last minute and are rushing to beat the deadline of midnight on January 31.

In last year’s final fling to send in tax returns online, nearly 759,000 taxpayers still had to deliver their tax returns to HM Revenue & Customs (HMRC) on deadline day.

The busiest time was between 4pm and 5 pm, when 60,596 returns were received online at the rate of 17 a second.

Another 30,348 played brinkmanship by not filing until the 11th hour – with less than 60 minutes to go to the deadline.

Anyone missing the deadline picks up an automatic £100 fine, even if they do not owe any tax.

But it’s easy to avoid paying the penalty for late filing.

All you must do is play the rules for amending a self-assessment tax return to your advantage. Accountants do this all the time.

The rules say taxpayers can amend their returns any time for up to a year after filing.

For a return due at midnight on January 31, 2019, that leaves an amendment window open until January 31, 2020.

To avoid a penalty, fill in your tax return as best you can filling any gaps with a best guess of provisional figures.

Make sure HMRC knows which figures are estimates by saying so and quoting the box numbers in the additional information section. HMRC will also want to know when the update is due.

Your filing software should work out the tax due. File the return before midnight on January 31 and pay the tax.

When you have the final figures, log back into the return online and make the changes. If you owe a bit more tax, pay up. You may find you have overpaid tax, in which case make a claim for a refund.

That’s it – even though the return includes provisional figures you have delivered your return and paid the tax due on time. Amending the return should not incur any penalty.

Coronavirus Guidance

View now ...

Discounted landlords buildings insurance

Landlords Building Insurance

Guild subscribers can get preferential rates for landlords buildings insurance especially designed for landlords

Read more ...

Tenant Referencing Service

Tenant Referencing

Tenant Referencing Service

Read more ...

Recent Articles

  • Smoke and Carbon Monoxide Alarm Changes (England) 24/05/2022
  • How to Buy Property at Auction 23/05/2022
  • Sub-occupation contracts (Subletting) (Wales) 19/05/2022
  • Exclusion of Contract-Holder From Dwelling for Specified Periods (Wales) 18/05/2022
  • Landlord’s Consent Under Occupation Contract (Wales) 17/05/2022

Navigation

  • RH (Wales) Act
  • Home
  • Pricing
  • Subscribers
  • Services/Discounts
  • Forms
  • Recent
  • Contact
  • Find Answers
    • England Guidance
    • Wales Guidance
    • Housing Changes Timeline (E/W)
    • Admin/Tech Support
    • Search Website
    • Weekly Digest (Subscribe)
  • Ask a Question
    • Ask Question
    • View Questions
    • Your Q & A Activity (from Sept 2020)

Navigation

  • RH (Wales) Act
  • Home
  • Pricing
  • Subscribers
  • Services/Discounts
  • Forms
  • Recent
  • Contact
  • Find Answers
    • England Guidance
    • Wales Guidance
    • Housing Changes Timeline (E/W)
    • Admin/Tech Support
    • Search Website
    • Weekly Digest (Subscribe)
  • Ask a Question
    • Ask Question
    • View Questions
    • Your Q & A Activity (from Sept 2020)

Subscribers

  • Login
  • Join
  • Access Problems
  • Status

Please login

Please login to see your active subscriptions and account links.

Terms, About Us and Status

General terms and conditions

Website terms

Privacy policy

About Us

Status

(c) Guild of Residential Landlords

Recent Articles

  • Smoke and Carbon Monoxide Alarm Changes (England) 24/05/2022
  • How to Buy Property at Auction 23/05/2022
  • Sub-occupation contracts (Subletting) (Wales) 19/05/2022
  • Exclusion of Contract-Holder From Dwelling for Specified Periods (Wales) 18/05/2022
  • Landlord’s Consent Under Occupation Contract (Wales) 17/05/2022
  • Facebook
  • Twitter
  • Instagram
  • RSS