Don’t be caught out with spiralling tax penalties, warns tax specialist, Gary Perrens
5th October 2015
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Don’t be caught out with spiralling tax penalties, warns specialist


Small businesses across Sudbury are being urged to avoid spiralling penalty charges by ensuring they meet the filing deadline for their tax return.


Gary Perrens who runs TaxAssist Accountants in Sudbury said said: “Last year 890,000 taxpayers received an automatic late filing penalty of £100, even if they were only one day late in filing. For a delay in excess of 12 months, penalty charges can spiral to in excess of £1,600. We don’t want any local businesses to be caught out.


“The £100 penalty is applied, even if there is no tax to pay or you pay the tax due on time.

It can work the other way too. Some small business owners might be due a tax refund, so the sooner they file the sooner that money can be working for them in their bank account.”


The deadline for businesses and taxpayers who choose to file their tax returns on paper is 31st October, whilst those who file online have until 31st January 2016. Last year, 10.24 million tax returns were filed by 31st January; 14.5% of which opted for the paper option.


Apart from the immediate £100 penalty for late filing, subsequent fines are:

  • After three months, additional £10 per day penalties up to a maximum of £900
  • After six months, a further £300 penalty or 5% of the tax due, whichever is greater
  • After 12 months, another £300 charge or 5% of the tax due, whichever is greater


TaxAssist Accountants Sudbury is a local business providing tax and accountancy advice and services purely to small businesses across Sudbury

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Penny W

Member since: 17th March 2014

Hello! I'm Penny from thebestof Sudbury, shouting about the best local businesses from Hadleigh through the Clare. When I'm not doing that, you'll find me knitting socks or tending to my 6 chickens

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