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!