HMRC have flagged new penalties taking effect this autumn for late tax returns and late payments by individuals and businesses:
‘The new penalties for late self assessment returns are:
an initial £100 fixed penalty, which will now apply even if there is no tax to pay, or if the tax due is paid on time;
New penalties for paying late are 5% of the tax unpaid at 30 days, 6 months and 12 months, HMRC added.
‘The tax return deadlines remain unchanged – 31 October for paper and 31 January for online returns. The deadline for paying any tax due also remains the same at 31 January.’
Detailed guidance is provided on the HMRC website.
HMRC have flagged new penalties taking effect this autumn for late tax returns and late payments by individuals and businesses:
‘The new penalties for late self assessment returns are:
an initial £100 fixed penalty, which will now apply even if there is no tax to pay, or if the tax due is paid on time;
New penalties for paying late are 5% of the tax unpaid at 30 days, 6 months and 12 months, HMRC added.
‘The tax return deadlines remain unchanged – 31 October for paper and 31 January for online returns. The deadline for paying any tax due also remains the same at 31 January.’
Detailed guidance is provided on the HMRC website.