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HMRC Late filing tax return fines.

Fines of thousands of pounds can be charged for being late with a tax return! Taxpayers can face fines running into thousands of pounds for late filing of a taxreturn – even if they do not owe a penny in tax!!!

In an attempt to crack down on the estimated I million taxpayers who do not file their returns on time, there is a draconian penalty regime. A paper return must be filed by midnight on 31st October 2016 to avoid a fine. If a return is filed online, then it must be filed by midnight on 31st January 2016 to avoid a fine.

How much are the penalties?

1) If you miss the filing deadline there is an automatic fine of £100, even if there is no tax owing.
2) After three months, there is a fine of £10 per day up to a maximum of £900
3) After six months, there will be a further penalty of 5% of the tax due, or £300 whichever is the greater
4) After a full year’s delay, there is another 5% of the tax due, or £300 if greater
5) There is also interest of 3% per annum charged on the fines

That means there is a fine of £1,302 if there is a six month delay and £1,621 for twelve months – even if no tax is owed!!! If you do owe tax, then the penalties can become quite horrendous. These are very good reasons to use the FABtax service!!!!


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Key HMRC Deadlines

31/12/19: Last date for filing online returns if you wish any tax due under £3000 to be collected via PAYE. Only remaining!
31/01/20: Last date for filing online tax returns. Only remaining!
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