News & Important Dates
HMRC Late Filing Penalties
It's important to be aware that filing your tax return late, or failing to pay the tax you owe on time, will probably mean you face extra penalty fees and interest charges.
Filing 1 day late - £100 for one day after deadline
Filing up to 3 months late - £10 for each additional day (capped at 90 days), plus £100 initial fine - maximum of £1,000
Filing up to 6 – 12 months late - Either £300 or 5% of the tax due (whichever is higher), on top of the penalties above
Payment Penalties - If you fail to pay your tax on time, there are surcharges due of 5% over 31 days late, a further 5% if over 6 months late and a further 5% if over 12 months. This is on top of the late filing penalties above, if you do not file your tax return on time. (Does not apply to payments on account).
Failure to Submit a Tax Return when you should have – 30-100% fine (of the tax due)
Speak to us if you think that you may have income that should have been declared on a tax return, as there are significant reductions in penalties if you make a timely unprompted disclosure to HM Revenue and Customs.
If you enjoyed this article and would like to hear more from us, then please sign up to our mailing list.
If you have any queries relating to this article or if this article has made you question something within your own circumstances - please do not hesistate to contact us.