Published 22nd February 2013
So just how much will you have to pay?
It used to be the case that it didn’t matter if you filed your tax return late if there was no tax to pay because the penalty could not exceed the tax due. No longer such luxury. Now whether you have tax to pay or not there are automatic penalties for late filing and they can get expensive.
On the day your tax return is late you have a penalty of £100.
For each of the days after the first and up to 90 days you incur a penalty of £10 per day.
That makes total penalties of £1,000 if you are a quarter of a year late.
For the second quarter there is a quite different arrangement. The penalty is £300 or 5% of the tax due – whichever is the higher.
And at the end of the fourth quarter there is another £300 or 5% of the tax due – whichever is the higher.
If you have not yet completed your tax return and are now incurring penalties we can help minimise these with our express service that gets your return filed as soon as possible. Call us for more information on 020 7510 9696 today.
The information contained in this newsletter is believed to be correct at the time of publication. The content of this newsletter is intended to be a brief summary of the principal points of the legislation or proposed legislation only, and it is provided for general guidance only. It may not take into account subsequent changes in the law and of necessity it omits much detail. Taxation is a complicated subject and is subject to change. You should only rely on advice prepared specifically for you. Neither the writer nor Landlords Tax Services Ltd can be held liable for any loss arising from any act or omission by you as a result of your understanding of this article. If the subject matter is of interest you should contact us to see if there is a relevant update, and to take professional advice which takes into account your circumstances.
Landlords Tax Services Ltd, specialises in the taxation of residential property income and gains and more than half its clients are resident outside the UK. If you would like specialist help contact Maurice Patry F.C.A .at firstname.lastname@example.org or for more information visit our website at Landlords Tax Services Ltd.
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