f
l
TAGS
H

If you missed the tax return deadline don't think HMRC will ignore you

I was just about to delete the link to the Days to 31 January timer on my website because it now shows days since 31 January rather than days to 31 January when I realised it may be of use to the 870,000 taxpayers who didn't submit their tax returns on time.
As is HMRC's way nowadays, those 870,000 will be penalised (literally). In fact, every one of the 870,000 is already subject to an automatic penalty of £100. A cool £87m for George Osborne's coffers!

Further penalties will follow depending how late the return is submitted:

Three months late .......... A daily penalty of £10 per day for up to 90 days up to a max. £900

Six months late ............... A penalty of 5% of the tax due or £300 if greater

Twelve months late ......... Another penalty of 5% of the tax due or £300 if greater .

At the twelve month stage, however, if HMRC can show the taxpayer is deliberately withholding information, which would allow them to assess the tax, the penalties increase hugely. So much so, it's probably best not to ask.
Faced with these ever increasing penalties you must try to submit your return before 30 April 2016 to minimise your losses.


Contact
Days to January 31st