£10 a day from the 1st May!

11th April 2019

If you submitted your tax return after the filing deadline of 31 January, or you still have not submitted your tax return, then you will automatically be fined £100 for missing the deadline.

 

In February, HMRC announced that they would be delaying issuing the late filing penalty notices due to Brexit. They have now announced that all of these should be issued by 12 April ensuring that those who have not yet submitted a 2017-18 tax return get a reminder just over two weeks before further penalties are applied.

 

If you continue to delay submitting your tax return, then from 1st May an additional penalty of £10 a day will be charged by HMRC, up to a maximum of 90 days.  A further penalty of 5% of the tax due, or £300 if greater, will apply if the return is 6 months late.

 

We would advise anyone who has not yet filed a return to do so as a matter of urgency. You will only be able to avoid  the £100 penalty if you have what is considered as a ‘reasonable excuse’, but filing the return by 30 April will at least avoid an additional £10 per day.

 

Some examples of a reasonable excuse posted on the HMRC website are:

 

  • Your partner or close relative died shortly before the tax return deadline
  • You had an unexpected stay in hospital
  • Your computer or software failed just before or while you were preparing your online return
  • Service issues with HMRC’s online services
  • A fire, flood or theft
  • Postal delays that you couldn’t have predicted
  • Delays related to a disability you have

 

For further guidance please visit the following link:

https://www.gov.uk/log-in-file-self-assessment-tax-return

or speak to your usual Whiting and Partners contact.



 
Other items in Blogs
 
Jaimie King
13th June 2019 Charity fundraiser flies high for the Air Ambulance

                        On 8th May, friends and colleagues got together for a Paint Night in aid of East Anglian Air Ambulance. Rosey Hancock, a local artist, taught the class step-by-step how to paint a wonderful lion on canvas. All attendees thoroughly enjoyed the event and…

Read More »

Ruth Pearson
10th June 2019 Employee vehicles: Mileage Allowance Payments (MAPs)

MAPs are what you pay your employees for using their own vehicle for business journeys. You can pay your employees an approved amount of MAPs each year without having to report them to HMRC. To work out the approved amount, multiply your employee’s business travel miles for the year by the rate per mile for…

Read More »

Scott Butcher
7th June 2019 Making Tax Digital – when you need to sign up and what you’ll need

We are now two months past the start date of the 1st April 2019 for Making Tax Digital for VAT and into the last month of what will be some businesses first VAT quarter under Making Tax Digital. Some businesses may not be aware that even though they may be on MTD compliant software that…

Read More »

Jaimie King
7th June 2019 Digitalising stocktaking

As the world becomes more digital, it leaves us wondering where further efficiencies could be achieved through switching to more high-tech methods. One possible area for auditors is stocktaking. For an audited entity with significant levels of stock at the year end, it is likely the auditor will want to perform test counts of the…

Read More »

Jonathan Moore
6th June 2019 Don’t take record keeping for granted

It is common for entities who undertake research and development to receive grant funding for projects that they undertake. Grants will often be paid on the basis of expenditure incurred or a proportion thereon and may be awarded with certain conditions attached.   One such condition for grants above a certain level will be the…

Read More »

Ruth Pearson
30th May 2019 Company Cars : Advisory Fuel Rates (AFRs)

Use AFR’s to work out mileage costs if you provide company cars to your employees. These rates apply from 1 June 2019.   Advisory fuel rates from 1 June 2019 Engine size Petrol  LPG – amount per mile 1400cc or less 12p 8p 1401cc to 2000cc 15p 9p Over 2000cc 22p 14p   Engine size…

Read More »