£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
 
Matilda Mawson
24th February 2020 An update for NHS staff on the annual allowance charge for 2019/20

Current Issues The introduction of the tapered pension annual allowance from 6 April 2016 has been a contentious issue for many, in particular senior NHS staff members. The legislation change means that, for high income individuals, the annual pension allowance may be reduced from £40,000 to a minimum of £10,000. Pension inputs in excess of…

Read More »

Jodie Tarbin
24th February 2020 How taking a pension lump sum could save you money

  If you reached state pension age after 6 April 2016 and deferred taking your pension, you will receive a higher weekly amount when you start receiving it. However, if you reached state pension age before 6 April 2016 there is a second option, which is to receive a state pension lump sum rather than…

Read More »

Vanessa Pearson
18th February 2020 6 April: A Guide to Off-Payroll Working Tax Rules

There are less than two months to go until the proposed new rules apply regarding who determines IR35 status for freelancers hired by medium and large companies. Our Brief Guide will help find out how this affects you and what you can do   A Brief Guide to Off-payroll Working_Feb 2020

Read More »

Matilda Mawson
14th February 2020 5th April: Pre Year End Tax Planning

As we approach the end of another personal tax year (5 April 2020), there are a number of tax planning opportunities for individuals to consider to ensure best use is made of currently available allowances, exemptions and favourable tax rates:   Tax year end planning Brief Guide_Feb 2020   With the 2020 Budget also just…

Read More »

Jaimie King
12th February 2020 Successful tax refund for grain silo treatment

A successful legal case claiming that grain silos should be treated as plant and machinery for corporation tax purposes – rather than land and buildings – has resulted in a successful tax refund claim by Whitings.   The claim was submitted following precedent set in the legal case, and resulted in a substantial tax refund…

Read More »

Andrew Band
3rd February 2020 Whitings Annual Farming Seminar – Invite

  Clients in the farming sector, related sectors and professional contacts are invited to attend the ninth annual Whiting & Partners Farming Seminar. This is being held on Wednesday 25 March 2020, at the Maltings in Ely:   A5_Flyer_Farming_Seminar20   Presenters from the Andersons Centre will once again look forward to the year ahead, post…

Read More »