Today, Thursday, January 31 is the deadline for sending 2017-18 self-assessment tax returns.
If tax returns aren’t submitted by 11.59pm this evening, HMRC will impose a £100 penalty – even if the person doesn’t owe any tax.
The penalties for late tax returns are:
- 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.
“At Ellis & Co we will prepare your Self-Assessment Tax return for you and submit it promptly," added Peter Way-Rider, tax manager at Ellis & Co Chartered Accountants and Business Advisers.
“We will help you structure your affairs for maximum tax efficiency, while protecting you from the penalties every taxpayer dreads.”
For further information about Tax Returns or any other tax matter contact Peter on 01244 343504.