Penalties if you miss the tax return deadline If you miss the deadline, the longer you delay, the more youll have to pay. So its important to send your tax return online to HMRC as soon as you can. The table below shows the penalties youll have to pay if your tax return is late. If a Partnership tax return is late, each partner will have to pay the penalties shown below. Penalties for missing the tax return deadline Length of delay Penalty you will have to pay 1 day late A penalty of £100. This applies even if you have no tax to pay or have paid the tax you owe. 3 months late £10 for each following day - up to a 90 day maximum of £900. This is as well as the fixed penalty above. 6 months late £300 or 5% of the tax due, whichever is the higher. This is as well as the penalties above. 12 months late £300 or 5% of the tax due, whichever is the higher. In serious cases you may be asked to pay up to 100% of the tax due instead. In some cases the penalties can be even higher than this. These are as well as the penalties above. Example Mrs As tax return is due on 31 January 2014 but HMRC doesnt receive it until 5 August 2014. It is over 6 months late so she will have to pay all of the following: • £100 fixed penalty • £900 penalty - this is £10 each day from 1 May to 29 July, when the maximum 90 day penalty is reached. • £300 or 5% of the tax due - whichever is the higher
Posted on: Fri, 24 Jan 2014 12:00:01 +0000
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