Working towards and submitting your personal tax return can be an extremely arduous process, and if you aren’t familiar with the process it has the potential to take a significant amount of time.
Submitting your personal tax return is vital for those using our CIS contractors scheme, but one that many contractors dread, as this takes away from vital work and personal time. However, there are penalties for failure to submit a tax return, with a £100 fixed penalty (even if no tax is due or if your tax has been paid on time) and further penalties the longer a tax return is left.
According to a government report, the number of tax returns that missed the deadline in 2016 was a substantial 870,000, with 43% of returns received only just making the deadline. The excuses that are used by some for their late tax returns are often extremely comical, these have included:
At Exchequer Accountancy Services we don’t want our contractors to become part of the statistics on late personal tax returns. We understand that the process of submitting a tax return can be both daunting and time consuming, therefore we now offer a number CIS Personal Tax Return services, so that our contractors can choose the best option for them and have their tax returns completed accurately and on time on their behalf.
Take a look at our dedicated CIS Personal Tax Returns page for more information on tax returns, our services and to choose the best option for you.