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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.

What penalties can I expect for a late tax return?

I am yet to file my tax return. What penalties can I expect?

You will be issued with an automatic late filing penalty of £100; irrespective of your tax liability or what tax you had outstanding at the time of filing.

However, if you will file your return within the next three months, you will avoid the next wave of late filing penalties which are £10 per day- for up to 90 days. Further penalties are applied when the return reaches over 6 and 12 months overdue of the higher of £300 or 5% of the tax outstanding. Each of these penalties are all in addition to one another; not in place of.

If you have any tax outstanding, interest will begin accruing immediately, and late payment penalties will begin being imposed after 30 days.

If you’re struggling to keep on top of your tax affairs, your local TaxAssist Accountant would be happy to take care of them on your behalf- leaving you to concentrate on running your business. Feel free to contact us to be put in touch with your local office.

Call us today to make an appointment with your local office

Consultations available by telephone or video

0800 0523 555

Contact Us