Thanks to SDG Accountants for reminding us this week that we are into another month now and the tax penalties if you miss the tax return deadline are mounting up.
Did you know that…
If you miss the deadline, the longer you delay, the more you'll have to pay. So it's important to send your tax return online to HMRC as soon as you can. The table from HMRC below shows the penalties you'll have to pay if your tax return is late. If a Partnership tax return is late, each partner will have to pay the penalties shown below.
Penalties for missing the tax return deadline:-
1 day late
A penalty of £100. This applies even if you have no tax to pay or have paid the tax you owe.
3 months late i.e. from 1st of May
£10 for each following day - up to a 90 day maximum of £900. This is as well as the fixed penalty above. So by the end of May your penalties will be over £400 and rising daily.
6 months late
£300 or 5% of the tax due, whichever is the higher. This is as well as the penalties above.
12 months late £300 or 5% of the tax due, whichever is the higher.
In serious cases you may be asked to pay up to 100% of the tax due instead.
These are as well as the penalties above.
If you are worried about your overdue tax return talk to any of the great accountants featured on thebestof and they will be happy to help you and give you some peace of mind.