Additional fines if you submit your tax return after 30 April
27th April 2015
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Article by Turner & Co

Tax returns for the year 6 April 2013 - 5 April 2014 were due on 31 January 2015.

Anyone who failed to complete their tax return and pay the tax owed by that deadline automatically received a penalty fine of £100.

However, anyone who is over 3 months' late submitting their tax return faces additional penalty fines. From 1 May the penalty fine increased to £10 per day to a maximum of £900 which is on top of the tax already due to be paid.

"Although HMRC have recently stated that their focus is on investigating major tax avoidance and evasion and that they would prefer tax returns and payment to be submitted on time, rather than charging penalties, the figures from HMRC show that many people leave submitting their tax return to the last minute and many miss the deadline altogether. With a little bit of planning these fines can be avoided" advises Margaret Turner, of Turner & Co. Chartered Accountants.

"An accountant can help ensure you have the right information and that your self assessment tax returns are submitted on time and correctly, avoiding unnecessary errors and sleepless nights."

For the Financial Year 6 April 2014 - 5 April 2015 the deadlines are as follows:

  • by 5 October 2015: Register for self assessment
  • 31 October 2015: Deadline for submitting paper returns
  • 31 January 2016 (midnight): Deadline for submitting online tax returns
  • 31 January 2016 (midnight): Pay tax owed.

Find out more about Turner & Co.

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