We’re not wanting to dampen the Christmas cheer! But, the deadline for filing your Tax Returns is only weeks away! Make sure you don’t miss the deadline date of Friday, January 31, 2020 or you could be joining millions of others in the UK and incur an automatic fine of £100.

HMRC will also issue a fine if you fail to pay your tax bill on time.

The following penalties apply for late tax returns:

  • 1 day late an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time
  • 3 months late, additional daily penalties of £10 per day, up to a maximum of £900. This is as well as the fixed penalty
  • 6 months late, a further penalty of 5% of the tax due or £300, whichever is greater; This is additional to the penalties above.
  • 12 months late, another 5% or £300 charge, whichever is greater. This is additional to the penalties above.
  • There are also additional penalties for paying tax late of 5% of the tax unpaid at 30 days, 6 months and 12 months.

If you need help with your Tax Return, please contact us as soon as possible.

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