Freelance contractor, feeling let down by your current accountant?

Has your accountant failed to file your Self-Assessment return on time?

Were you given little or no notice of the amount of tax you owed on 31 January?

Do you feel your tax bill was too high and that your accountant should have given better tax planning advice?

If you area freelance contractor and you missed Friday’s filing deadline for your Self-Assessment return, it’s not too late to limit the damage. Any late return will now automatically attract a late filing penalty of £100, irrespective of the tax due but there is no reason for your penalties to increase.

Anyone who has still not filed a return and paid all the tax due faces further fines of £10 a day after the end of April. After another three months there is a further penalty of 5pc of the tax due, with a minimum of £300 – a penalty that is repeated after a further nine months.

In 2013 the HMRC sent out letters to 850,000 taxpayers to tell them that their returns were not received on time and that they must pay fines of £100. The penalty applied even if there was no tax to pay or if any tax due has been paid!

Please click HERE to see the ‘top ten oddest excuses’ for late tax returns as revealed by the HRMC.

So, if you are one of the ‘late filers’ find a good accountant without delay and they will be able to help you avoid further charges.

You never know, they may even be able to help you reduce your tax liability!

If you are thinking of making the change, contact Orange Genie Accountancy on 01296 468 483. 

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