Penalties For Late Filing or Payment
UK Property Tax Specialists
01902 711370
0800 907 8633
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Tax return forms are available free of charge from HMRC. We are independent accountants and not part of or affiliated to HMRC. We remove the stress and anxiety of preparing your tax return by completing and filing your tax return for you. We shall help you to pay the least amount of tax by advising you about the expenses which you are entitled to claim.
Wolverhampton Science Park
Creative Industries Centre
West Midlands
WV10 9TG
01902 711370
0800 907 8633 is the trading name of Thandi Nicholls Ltd Accountants Registered Office Creative Industries Centre Glaisher Drive Wolverhampton WV10 9TG Registered in England Company Number 7319439 Directors K W Nicholls FCA S S Thandi BA
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What if you are late filing your return or paying your tax?

It is recommend that you file your return on time and pay the tax by the due dates. Failure to do this not only increases your risk of being picked by HMRC for an enquiry but can involve you being liable for the penalties and interest shown below.

2010/11 onwards
There is an automatic non-refundable penalty of 100 if the return is not filed by the due date (usually 31st January following the end of the tax year). If there is a reasonable excuse, the penalties will be waived. Reasonable excuse does not include ignorance, negligence or someone else not preparing accounts or filing the return on time on your behalf.

If the return is more than three months overdue
, there is a penalty of 10 for each further day that the return is late up to a maximum of 90 days.

If the return is more than six months late there will be a further penalty of 300 or 5% of the liability if this is higher.

If the return is filed more than twelve months after the filing deadline (i.e. 31st January 22 months after the end of the tax year) there will be a further penalty of 300 or 5% of the liability if this is higher in addition to the penalty due for the previous 31st July. In serious cases the penalty may be up to 100% of the tax due.

If you do not pay on time, interest runs on any amount paid late. There is also a 5% surcharge if the liability for the previous tax year is not paid by
30 days after 31st January following that tax year and a further 5% surcharge if it is not paid by the 31st July after that. If the tax is not paid by the following 31st January then there will be a third 5% surcharge.

The penalties have increased significantly since 2009/10 and it is vital that all taxpayers ensure that their returns are filed on time.

What you do if you cannot pay?

Try to make an arrangement with HMRC. There is currently a Business Payment Support Service Helpline Tel No: 0300 200 3835.

Thandi Nicholls Ltd 2017 All Rights Reserved - The above article is provided for guidance only and may not cover your personal circumstances so you should not rely on it. It is important that you seek  appropriate professional advice which takes into account your personal circumstances where you can provide the full facts of the case and all documents related to your case. Thandi Nicholls Ltd t/a,  K Nicholls FCA or S Thandi cannot be held responsible for the consequences of any action or the consequences of deciding not to act.