TAX RETURN DEADLINE !

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I think I missed the tax return deadlines, what are the penalties?

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There are two mains deadlines for sending your tax return:

31 October for the paper return.

31 January for the online return.

 

However the penalties for missing the tax return deadline is :

-1 day late : penalty of £100. This applies even if you have no tax to pay or have paid the tax you owe.

-3 months late: £10 for each following day - up to a 90 day maximum of £900. This is additional to the fixed penalty above.

-6 months late: £300 or 5% of the tax due, whichever is higher. This is additional to the penalties above.

-12 months late: £300 or 5% of the tax due, whichever is higher. In serious cases you may be asked to pay up to 100% of the tax due instead. These are additional to the penalties above.

 

Moreover if you don't send your return by the deadline, HMRC may estimate the tax you owe. You will have to pay this and also pay interest on any tax that you pay late. You can only change this estimate by sending your tax return. You will also have to pay any penalties due for missing the tax return deadline.

 

Penalties for paying late :

30 days late : 5% of the tax you owe at that date

6 months late: 5% of the tax you owe at that date. This is additional to the 5% above.

12 months late: 5% of the tax unpaid at that date. This additional to the two 5% penalties above

 

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