Contractors in London found to be the tardiest with their tax returns

Recent findings have revealed that contractors based in London are more likely to miss the deadline than taxpayers in any other part of the country.

Latest figures from HM Revenue & Customs revealed that around one in nine (11%) of the 560,000 people in Inner London, who had to send in a tax return last year, didn’t do so on time.

The one million taxpayers in Outer London however, were slightly more punctual, with one in 11 (9%) failing to meet the deadline, which is 31^st October for paper returns and 31 January for online submissions.

The most punctual UK region was found to be the South West, as just 6% of their one million tax returns arrived late.  The other English regions, as well as Wales, Scotland and Northern Ireland all reported 7% of late tax returns – this was the UK national average.

HMRC Director General of Personal Tax, Ruth Owen, commented on the findings, “Whether you’re from London, Livingston, Lisburn or Llandudno, the consequences of missing the tax return deadline are the same – an automatic £100 late-filing penalty.

“The longer you delay, the more you have to pay. So if you still have to send us your tax return, take action now.”

Contractors must submit their 2012/13 tax return by 31^st January 2013, or face fines from HMRC.  For those who fail to do so will be given a £100 fine immediately, as well as being fined a certain amount for every day that it is late.

Visit HMRC’s Self-Assessment page to start the process of submitting your tax return.  Talk to your contractor accountant for further advice on this subject.

If you’re interested in finding out more about Limited company tax click here for more information.

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