Don't Follow The White Rabbit!
"I'm late! I'm late! For a very important date!"
Words once uttered by the White Rabbit in the children's book Alice in Wonderland, and how true those words are for many that are in business today, possibly for even more important reasons. It isn't a delightful tea party that has been missed, it was HMRC's deadline for self assessments.
Thankfully, for those that find themselves falling down the metaphorical rabbit hole, HMRC have released a little message that sets out their arrangements to aid late filings, while there may be unavoidable penalties HMRC is keen to work with people to help them overcome forgotten or misplaced self assessment filings.
"it is likely to cost people more if we have to find them rather than them coming to us."
- Marian Wilson, HMRC.
Tried And Tested
HMRC have rolled out similar schemes previously which have allowed them to recoup millions of pounds in taxation as well as helping those that have failed to file on time avoid ongoing or increasing penalties.
Make no mistake, these schemes are in place to ensure proper taxation of businesses, but they also find those persons acting maliciously in business, and more than a dozen criminal investigations have been spurred on by the findings of HMRC.
Get Involved, Problems Resolved
Getting in touch with HMRC is the first priority, explaining your error of late filing and your willingness to provide a self assessment and you'll find that HMRC are more than willing to help, there is even a reported case in which a company has been allowed up until the 15th of October to process and hand in their self assessment filing, in doing so probably avoiding months of compoung penalties
You can start your late-filing journey by visiting HMRC's website, calling them or even just by writing to them
You can learn more about late filing through this link.
You can call them on 0845 601 8818 to discuss late filing (lines open 9-5 weekdays)
If you need to discuss any of this, or any other problems faced in business we're happy to talk to you on 0845 409 4471. While we are geared toward assiting people with company closures a lot of what we know can help business owners overcome problems they face.