Tax Return Late Filing Penalties Hurt


Welcome to Phil McPhail & Co Chartered Accountants. We specialise in providing both small businesses and individuals with comprehensive accounting, business and tax advice in and around the Ilkley area. To see how we can help your business get in contact today.

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Hello, I’m Phil.

I’m a qualified chartered accountant based in Burley In Wharfedale – near Ilkley, with over 25 years experience, working both in practice and business. I started my firm in 2007 and specialise in helping small businesses and individuals. I provide a personal, cost effective service which is specifically tailored to each client’s requirements.

These services include:


How much profit has your business made? We can help you work this out. We provide a complete accountancy service for sole traders, partnerships and limited companies, including year end, monthly or quarterly accounts. We can also assist with company formation and company secretarial matters.


Tax is getting more and more complicated. We can help you stay the right side of HMRC. We assist with completion of self assessment tax returns and company tax returns. We also provide tax advice and planning for individuals and companies to help minimise tax liabilities. This includes income tax, corporation tax, capital gains tax and inheritance tax. We can also assist with your VAT and CIS returns.

Business advice

We can provide business start up advice and help you avoid common mistakes made when starting a business. We provide help and support as your business grows.
We can also help to restructure your business and its finances, including providing solutions for any mounting tax arrears.
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You can find us at 124 Main Street, Burley in Wharfedale.

We are open five days a week, including Saturdays and evenings by appointment.

Call 01943 865629 now to see how Phil McPhail & Co can help you.
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  • December 3, 2012
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    Last year HMRC introduced a new penalty regime for personal tax returns filed late and they can be very costly.

    I recently took on a new client who had not filed his tax return for 2011 and although he does not owe any tax for this year, he is now looking at a penalty of £1300. Serious money.

    With the 31 January 2013 tax return deadline looming for 2012 returns, it is vital tax returns are filed on time.

    For returns filed late, penalties whether you owe any tax or not are charged as follows:

    • Filed after 31 January 2013 £100
    • Filed after 30 April 2013 further £10 per day maximum £900
    • Filed after 31 July 2013 further £300 or 5% of tax owed (whichever greater)
    • Therefore minimum penalty for being 6 months late of £1300.
    • 2012 return still not filed by 31 January 2014, you could be looking at a further penalty of up to 100% of tax due.

    If you file your own tax return online ensure you get a submission receipt from HMRC. Also keep a copy of your return, so you can refer to it should HMRC ask any questions further down the line.

    If you have still to file your 2012 tax return and you feel you need some help, welcome to contact me.


  • November 11, 2012
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    First of all, thanks to Ryan at CodedCake for all his hard work in designing my new website. Over the next weeks and months I will be posting a regular blog full of useful information and insights into accounting, tax and business.

    Running a small business is not easy and the government does not seem to be making it any easier. Contrary to what the government may say, I am sure they want us all to work for large companies on PAYE.

    George Osbourne has reduced corporation tax for large businesses such as Tesco from 28% to 22%, whilst small business corporation tax has remained the same.

    Moreover, it would appear some large businesses (you know the names) are not even prepared to pay 22% corporation tax and by locating their head offices in low tax countries pay virtually no UK corporation tax.

    HMRC do not seem to be doing much about this practice, preferring to pile more and more regulation on small businesses and individuals instead.

    The Office of Tax Simplification (OTS) set up by the chancellor was a good idea but I would love to know what they have been doing over the last few years, as tax is becoming more complex not less.

    Take taxing child benefit for higher earners to be introduced soon. The OTS should have nipped this one in the bud but it didn’t, which would suggest they have no real influence on government policy.

    Time for a radical re-think on the way we are taxed. Rather than tinkering at the margins, a ‘big bang’ approach needs to be adopted, where significant simplification is made quickly. To achieve this I suggest three fundamental principles need to be adopted:

    • To simplify tax you first have to accept the principle that there will be winners and losers and some of the winners will be the rich. However political difficult it may be it is impossible to make changes without there being losers.
    • Second there needs to be a move to taxing spending rather than taxing income.
    • Finally, the best way to simplify tax is to lift businesses and individuals out of tax altogether. Tax thresholds are way too low.

    Whether there is the political will to make the changes needed remains to be seen, but you never know. In a few years time I may be out of a job.

    More on this in future blogs, as well as advice on how businesses and individuals can reduce their tax liabilities.

Book a Free Consultation Now

Phil McPhail FCA

124 Main Street
Burley in Wharfedale
LS29 7JP

Telephone 01943 865629

Fax 01943 865623

Mobile 07764 253000

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