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.
By Jo Nockels
Disclaimer: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.