Missed the tax return deadline? – What does a late return mean?

The filing deadline for 2014 returns has now passed, but what are the implications of missing the deadline, and the key dates going forward?

31 January 2015: If you have not submitted your tax return by this date an automatic penalty of £100 will be levied even if you have already paid your tax liability or you have no further tax due.

28 February 2015: If you have not paid your tax liability for 2013/14 in full, a 5% penalty will be levied on the amount of tax outstanding at this date.

30 April 2015: If you have not submitted your tax return by this date, daily penalties of £10 per day will be charged – maximum 90 days.

31 July 2015: If you have not submitted your tax return by this date, a further penalty of 5% of your tax liability will become due.

31 July 2015: If you have not paid your tax liability by this date, a further 5% penalty will be levied on the amount of tax outstanding.

The Fry Group provides help and support with all aspects of tax planning, including Tax Returns. For more information please contact us.

This entry was posted on Wednesday, 11th February 2015 at 10:17 am and is filed under News, Tax. You can follow any responses to this entry through the RSS 2.0 feed.

Tags: Financial, HMRC, Planning, Tax