For Tax Returns filed late this year the penalty regime has changed.

The mandatory £100 for missing the 31 January deadline remains, but up to now, this was limited to the amount of tax payable. Therefore if your earnings were taxed at source, or if you had made your payments properly on account, the penalty would be reduced to nil even if the form was late filed.

This is no longer the case.  Even if all tax payments are made before the due date, if the form is not filed, the penalty will be levied.  After three months, it mounts at the rate of £10 per day.

There are also new penalties for late payment of the tax itself, by a 5% surcharge after 30 days, over and above the interest.

The intention of HMRC is clear!

Please get your details to us sooner rather than later so that you are in no risk of missing the deadline.

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