13th May 2016 Posted by - Alexander Accountancy
The 2015 tax return which covers the year to 5 April 2015 should have been submitted to HMRC by 31 January 2016 at the latest. A penalty of £100 has already been incurred if you have missed this deadline. In addition, there is a surcharge of 5% on any tax you owe at the end of February 2016.
The one thing that catches people out is the daily penalties. These apply if the tax return is still outstanding at 30 April 2016.
From 1 May you will be charged a fine of £10 per day until the late tax return is submitted, up to a maximum of 90 days – so you could potentially be looking at an additional £900 fine if you don’t take action. There are further fines to come, on top of the £1,000 already charged, if the return remains outstanding at the end of July.
The late return penalties apply to the tax return itself, regardless of whether you owe tax or not. It could be that if you were looking forward to a nice fat tax refund for 2014/15, you may be spending it on fines instead of that holiday you were going to book.
If you like further advice or information, please call Alexander Accountancy on Burton on Trent 01283 743851