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By Nimbus

Penalties for missing the 31 January deadline

January 2, 2013 | By |

If you are one of the many people that is getting over the festive period and now thinking about doing your personal Tax Return, here is a brief reminder of the penalties for missing the 31 January deadline:

  • An initial £100 fixed penalty, which is chargeable even if there is no tax to pay.
  • After 3 months, daily penalties of £10 per day, up to a maximum of £900.
  • After 6 months, an additional penalty of 5% of the tax due or £300, whichever is greater.
  • After 12 months, a further 5% or £300, whichever is greater. If the case is serious, the penalty after 12 months can be up to 100% of the tax due.

The penalties for paying late are 5% of the outstanding tax at:

  • 30 days;
  • 6 months; and
  • 12 months.

Interest is chargeable on these penalties.

If you need an accountant to help and you live in the Brighton & Hove or Sussex area, give one of our Nimbus Accounting accountants a call on 01273 782 742. The cost of delaying this obligation could far outweigh any fees you might pay an accountant, plus an accountant will most probably reduce your tax bill.