Not filed your tax return yet? It is now about to get very, very expensive.
Published on 22 February 2013
So just how much will you have to pay?
It used to be the case that it didn’t matter if you filed your tax return late if there was no tax to pay because the penalty could not exceed the tax due. No longer such luxury. Now whether you have tax to pay or not there are automatic penalties for late filing and they can get expensive.
On the day your tax return is late you have a penalty of £100.
For each of the days after the first and up to 90 days you incur a penalty of £10 per day.
That makes total penalties of £1,000 if you are a quarter of a year late.
For the second quarter there is a quite different arrangement. The penalty is £300 or 5% of the tax due – whichever is the higher.
And at the end of the fourth quarter there is another £300 or 5% of the tax due – whichever is the higher.
If you have not yet completed your tax return and are now incurring penalties we can help minimise these with our express service that gets your return filed as soon as possible. Call us for more information on 020 7510 9696 today.