2016 tax returns should have been submitted to HMRC by 31st January 2017 – unfortunately returns that have not been submitted will be due to pay a minimum of a £100 fine.
In addition, if there is any tax due then interest is already running…
To add to the issues, HMRC will add a further 5% surcharge to the tax you owe if it is still outstanding at the end of February.
Of course, if you have not completed the tax return form yet then you won’t know how much you owe – so big bills could be building up. In addition daily fines are also imposed for those that are seriously overdue with the return – these can easily amount to £1600.
In light of the above, it is important to prepare the overdue return as soon as possible.