Find below the following Frequently asked question;
There are 3 types of late filing penalties;
Find below HMRC late filing penalties. Technically, there can be unlimited penalties based on the tax bill though.
How late | Penalty |
---|---|
Between 1 day & 3 months | £100 flat fine |
Between 3 months & 6 months | Above plus £10 each day |
Between 6 months & 12 months | All Above plus £300 flat or 5% of your tax bill (whichever is greater) |
Over 12 months | All Above plus £300 flat or 5% of your tax bill (whichever is greater) |
Regardless of the timely filing of your return, if you miss the payment deadline, you will have to pay additional penalties as follows;
How late payment | Late payment Penalty |
---|---|
Between 1 day & 30 days | Nil |
Between 30 days & 6 months | 5% of tax bill |
Between 6 months & 12 months | another 5% |
Over 12 months | and another 5% |
If you pay your tax bill late, HMRC will calculate the interest as follows and add it to your late payment penalties.
Period in which payment was late | Interest rate (Annual) |
---|---|
Since 21 August 2018 | 3.25% |
21 November 2017 – 20 August 2018 | 3% |
23 August 2016 – 20 November 2017 | 2.75% |
29 September 2009 – 22 August 2016 | 3% |
If you are a self employed, business owner/director of company looking to get your accountancy and taxation matters sorted, look no further. We are pro-active and easily accessible accountants and tax advisors, who will not only ensure that all your filing obligations are up to date with Companies House and HMRC, but also you do not pay a penny more in taxes than you have to. We work on a fixed fee basis and provide same day response to all your phone and email enquiries. We will also allocate a designated accounts manager who would have better understanding of your and business financial and taxation affairs. Book a free consultation call using the link below.
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