Despite it being an all time record year for receipt, on-line, of ‘on time’ tax returns this year, of the 10.74 million tax returns which were due by 31 January 2013, about 708,740 were – or still are – late. That represents a shortfall of 6.6% and, at a starting penalty of £100 per late return, that’s quite a hefty total penalty. However, one could argue that an additional £71 million in the HMRC coffers in these troubled economic times is very welcome for the exchequer, even if it’s small change in the big scheme of things.
So did you miss the deadline? Here’s what you can expect in terms of additional penalties:
Remember: you still have to submit a tax return even if you do not owe any tax. Taxfile are accountants and tax advisors based in South London and can help you to get your tax affairs sorted out with minimal fuss (and minimal penalties if running late). We can make sure that your figures and tax situation are correct. For professional tax help contact us or book an appointment on-line.