Our tax professionals for media and media accountants are here to protect you and your finances from the wrath of the taxman! Don’t believe us? Read on to find out more…
Let’s start by asking you a few simple questions: Do you work in the creative arts or media industry? Are you aware of the recent increase for late filing of your tax returns? If you work in the creative or media industry and are not aware of the new penalties for being late, then you’re probably realising that using a media accountant could help you to avoid the potential risk of facing these new, much heftier fines. At Blue Skies, our tax professionals are experts in managing your creative arts accounts and ensuring that you don’t fall victim to these huge, revised HMRC fines.
As our tax professionals for media will tell you, it used to be that if you were late filing your tax returns with HMRC, you would be fined a total of £100. While inconvenient, £100 is unlikely to break the bank – and herein lays the problem; HMRC have realised that it just wasn’t enough to make people feel any sense of urgency.
Our Tax Professionals Can Help
If you’ve never used a media accountant before, or let tax professionals for media manage your bookkeeping and tax returns, then now might be a good time to consider a Blue Skies media accountant. If you’ve heard about the increase in penalties, but you’re unsure of the details, let us explain…
Picture the scene: you’ve been so busy working that you haven’t managed to keep your accounts up to date. You’ve decided that a media accountant is an unnecessary expense, so you put your accounts on the back burner with the intention of catching up in time for your tax return. Now you’ve hit the deadline date, and your tax return hasn’t been completed and submitted to HMRC.
As media tax professionals we don’t want to be the bearers of bad news, but it is our job to keep people within the creative arts sector informed. So here’s the reality: regardless of whether or not you’ve already paid your tax for the 2011/12 tax year, if you’re so much as a day late, you’ll be charged £100 – and unfortunately, this applies even if you don’t actually owe any tax!
Once you’re 3 months late, you will be charged an extra £10 per day (up to a £900 maximum) – suddenly the idea of employing a media accountant seems a lot more necessary! Once your tax return is six months late, you’ll be charged either an additional £300, or 5% of the tax due, depending on which is the larger amount. Then, if you still haven’t filed your return 12 months after the due date, you will be charged another 5% of your unpaid tax bill – and in more serious situations, HMRC have the ability to increase this to 100%.
Pass the Buck to a Media Accountant
Our tax professionals can also tell you that on top of these penalty charges, you will also have to pay interest on any late tax payments – and you’ll also incur interest charges on any penalties that are left unpaid.
If you don’t already have a media accountant to help you with your accounts and reporting obligations, why not give Blue Skies a call? We can guarantee that as your accountant we will keep all of your bookkeeping current, ensuring that your 2011/12 tax return is submitted on time and avoiding any of these new, increased charges. If you decide not to use our services, please make sure that your tax returns are submitted according to the following deadlines: 1st November 2011 for paper returns, and 1st February 2012 for online filings.