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I have to file my self-assessment late! How to minimise penalties

📅⚠️ Filing your self-assessment late can lead to unwanted penalties and interest. Here's a guide to minimising the financial impact:

1️⃣ Appeal for a 'Reasonable Excuse': If circumstances prevented you from filing on time, appeal the penalty. Google "HMRC appeal self-assessment penalty" for the official .gov link and the steps to file an appeal.

2️⃣ Beat the Interest Game: Thanks to Martin Lewis, here's a pro tip. Use an online self-assessment calculator to estimate your tax liability. If possible, make a payment to HMRC (minus any Payments on Account) for this amount before the deadline. This strategy minimizes or eliminates interest, as HMRC charges interest only on any outstanding amount due after the filing deadline. Accurate estimation ensures you avoid unnecessary interest.

3️⃣ Stay Ahead with Our Email Community: Don't let deadlines sneak up on you! Sign up for our email community to receive timely reminders for all crucial HMRC self-assessment dates. We'll provide gentle nudges to encourage early filing and equip you with a DIY Self-Assessment Checklist to streamline the process.💻📆✉️

Abelha Bookkeeping & Payroll Service, minimise self-assessment penalties

If you want help with next year's self-assessment, please consider my services. You can learn more about me by clicking the logo above.

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