The tax system is replete with penalties to which you may become liable if you either fail to file or pay late. As regards income tax, there are also penalties to cover the notification of starting a business, which is very relevant to new locum general practitioners. You should ensure that you know all of your filing and payment requirements, and the due date for payment.
If you miss the first income tax return filing deadline, even by one day, you are liable to a £100 penalty. Leave filing for another three months and the penalty rises by £10 per day up to a maximum of £900. After six months, a further penalty of £300 or 5% of the tax due, which ever is higher, is added.
The moral of the story is to ensure your accountant advises you, in advance, of all the necessary deadlines! If your Accountant/Tax adviser isn't proactive, then change as it's a straight-forward process. Contact us for a free initial consultation and discover what a medical finance specialist can offer.