
HMRC have released figures that show over 730,000 late tax returns from individual taxpayers who did not file their tax returns on time. This will lead to an automatic £100 penalty which will increase after 3 months to a daily penalty of £10 up to a maximum
Things do not get any better after this as there are further penalties every three months so the final bill can be well over £1000 if you are more than 6 months late.
Whilst it may be difficult to remove the £100 penalty already imposed, we can help you stop this figure from increasing any further.
PGA Tax Returns will prepare and submit your overdue Tax Returns for just £149 per year submitted,
Either complete our online Instant quote tool which can be found by following the link below or call us as soon as you are able at 01666 829013 and we will discuss your options with you
Some further numbers released by HMRC for those that are interested in these sorts of things, there were a total of 9.81 million self-assessment returns filed with HMRC, and the vast majority of these were filed online. They were expecting a total of 10.34 million which is where the 730,000 late tax returns figure came from.
For your information the HMRC penalty table can be seen below, it does not make pretty reading for those who have late tax returns.
The penalties for late Self Assessment returns are:
- an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time;
- after three months, additional daily penalties of £10 per day, up to a maximum of £900;
- after six months, a further penalty of five percent of the tax due or £300, whichever is greater; and
- after 12 months, another five percent or £300 charge, whichever is greater.
There are also additional penalties for paying late of five percent of the tax unpaid at: 30 days; six months; and 12 months.