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20:45 on Monday
30 December 2002

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You didn't, you didn't, you didn't



Despite Mrs. Doyle's encouragement to, "Go on" and her assurances that, "You will" submit your tax return to the Inland Revenue by the 31 January deadline, the fact is that many of us didn't, over one million of us in fact!

For many, this will lead to a penalty of 100. However, even if you submit your tax return late, if the tax you owe the Inland Revenue for last year is less than 100, the penalty will be reduced to the amount of the tax due. If you do not owe any tax the penalty will be reduced to nil.

If you do owe tax, the best thing to do is to pay it as soon as possible. If you don't know how much it is, anything is better than nothing. Interest will be charged at 6% on the difference between the amount that ought to have been paid on 31 January and the amount actually paid. So, any payment you can afford to make will reduce the interest charge.

You will still have to submit your tax return. The Inland Revenue will not forget about it and they are unlikely to allow you to either. If you have not paid all the tax by the end of February the Inland Revenue will add a 5% surcharge to your bill, another incentive to do it now. If you do not submit your tax return before 31 July you will be charged a further 100 penalty (limited to the tax outstanding again.) If you have not paid all of your tax by 1 August, a further 5% surcharge will be added. Just to make matters worse, interest can be charged on the outstanding tax, the surcharges and the penalties!

If Mrs Doyle didn't scare you enough, perhaps the Inland Revenue will. So, if you didn't, you should!

How can you get help now, easily if your affairs are fairly straightforward use our online tax service  it's FREE and will even do your calculation for you. If you feel your needs may be more complex use our which service is best for me  to establish the correct level of service or call us on 0800 9759010

February 2002

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