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Home » News & Insights » Terrific Tuesday Tax Tip – Penalties For Late Submission of Personal Tax Return

Terrific Tuesday Tax Tip – Penalties For Late Submission of Personal Tax Return

Posted on 2nd January 2018

Penalties For Late Submission of Personal Tax Return

If you don’t submit your personal tax return on time – you will be subjected to an automatic HMRC penalty – whether you have tax to pay or not.

For immediate late submission of your self-assessment tax return the fine is £100.

If it is 30 days late 5% of tax due

3 months late Daily penalty of £10 per day for up to 90 days (max £900)

And so on up to 12 months whereby additional penalties based on behaviour are taken into account.

6 months late 5% of tax outstanding as at that date

12 months late 5% or £300 if greater, unless the tax payer is held to be deliberately withholding information that would enable HMRC to assess the tax due

12 months late 5% of tax outstanding at that date

12 months & taxpayer deliberately withholds information. Based on behaviour: –

Deliberate and concealed withholding 100% of tax due or £300 if greater

Deliberate but not concealed 70% of tax due or £300 if greater

Reductions apply for prompted and unprompted disclosures and telling, giving and helping.

Why use an Avanti Tax Accountant – because our client’s returns are submitted On-Line, On-Time, No Fine!

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Filed Under: Tax tips

Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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