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*COVID-19 update: Many of our shops and offices are now open for face to face meetings with strict social distancing measures in place. We also offer telephone and video consultations for all new clients in order to discuss your needs. Find the latest COVID-19 information available for your business.

Unpaid Tax & Late Filing Penalties

I filed my tax return online before Christmas but due to cashflow problems I do not think I will be able to pay the tax I owe by the deadline of 31st January. Will I still receive a late filing penalty of £100?

You will not receive the £100 penalty as you have filed your tax return before the 31 January deadline, but as you haven’t paid your tax liability for the 2007/08 tax year, the HMRC will begin to charge you interest on a daily basis starting from 00.00am on 1st February on the tax unpaid. Currently interest is being charged by the HMRC on late payment of tax at a rate of 5.5%.

You must also try to ensure that you pay the tax you owe by 28 February, as any amounts relating to the 2007/08 tax liability that are still unpaid at this date will receive an initial 5% surcharge.

Also, an additional surcharge of 5% will be levied on any tax outstanding if you still have not cleared your 2007/08 tax liability more than 6 months following the filing date, which is the 31 July 2009.

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0800 0523 555

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