Penalties for filing a UK tax return late can be significant, with penalties of £1,600 or more a possibility if you delay lodging your tax return for a significant period.
There’s a month to go before the deadline for the electronic submission of 2018 UK tax returns.
To focus your mind if your 2018 UK tax return is still outstanding here are a few words regarding the consequences of lodging late.
Here’s how that amount can arise in respect of your 2018 UK tax return:
- Lodge after the 31st of January, 2019 – £100
- Lodge on or after the 1st of May, 2019 – £10 per day, up to a maximum of £900 if not lodged before the end of July
- Lodge on or after 1st of August, 2019 (ie you are 6+ months late) – an additional £300
- Lodge on or after 1st of February, 2020 (ie you are 12+ months late) – an additional £300
It is possible for a tax return request to be withdrawn by HM Revenue, or for late filing penalties to be appealed if there is a “reasonable excuse.”
Note: The penalties for lodging 6+ months and 12+ months late are the greater of £300 and 5% of the tax due.
Penalties for the late payment of tax can also arise if tax owing is not paid to HMRC on time, as discussed here.
If you have a need to lodge a UK tax return please feel able to contact us for a free initial discussion about how we might help, and for details of our fixed fees.