The HMRC is required to receive certain tax returns and payments due at certain intervals throughout the year. These deadlines focus on the tax year starting April 6 and ending next April 5th.
In addition, interest will be added to the penalty, thus making the cost even higher.
This may increase the partnership as all partners will be fined if the taxation is delayed.
Tax revenue, like many other aspects of financial life at this time, has been hit by the corona virus in recent months.
If a person pays their dues in advance, there is usually a second payment deadline of July 31, which is called account payment.
According to the government, a reasonable excuse is that a person was prevented from meeting the tax obligation and they took reasonable care to meet, which includes the following examples:
- One partner or another close relative died shortly before the tax return or payment deadline
- The person stayed in the hospital unexpectedly, which prevented them from dealing with tax matters
- They had a serious or life-threatening illness
- Their computer or software failed while generating their online or revenue
- Service issues with HM Revenue and Customs (HMRC) online services
- A fire, flood or theft prevented the tax from being completed
- They have unpredictable mail delays
- Delays related to their disability