Following on from the article in the last PIN regarding penalties imposed for late or non submission of personal Tax Returns, a staggering 890,000 Returns relating to the tax year ended 5 April 2014 – which needed to be filed by 31 January 2015 – remained outstanding on 1 February. That represents a potential income to the Treasury of £89,000,000! 4.3 million Returns were submitted during January 2015, 980,000 of which were sent in on the last day of the month.
In addition to those automatic £100 fines for not meeting the filing deadline of 31 January 2015 there are daily fines of £10, from 1 May 2015, up to a maximum of £900, whilst the Tax Return remains outstanding after; after six months a further fine can be levied of £300 or 5% of the tax due whichever is greater, and after 12 months 100% of the tax due would be required plus any tax still owed or a further £300 fine or 5% of the tax , again whichever is the greater.
These penalties are in addition to the interest and surcharges which are due for paying tax late. If you have still not submitted your Return, please contact us immediately and remedy the situation. Delay only makes matters worse.