Posted on 24/02/15 · Posted in Uncategorized

As the Self Assessment deadline has now passed, HMRC will begin to start issuing penalty notices to those who did not meet the legal requirement to file their returns on time.

A fixed penalty of £100 will be due for all returns which were outstanding at 31 January 2015. This penalty is no longer reduced where the liability is lower than this or where a repayment is due.

HMRC will also start to add £10 daily penalties up to a maximum of 90 days where the return remains outstanding after 3 months (30 April 2015).

Finally, a late payment penalty of 5% of the calculated balancing payment will become due on any tax liability unpaid 30 days after the original due date (by midnight on 2 March 2015).  Perhaps a good time to remind you if you have not already settled your Self Assessment liability for 2013/14!

The late payment penalty will not apply to liabilities covered by a time to pay arrangement so it may be beneficial to urgently contact HMRC to arrange a scheduled payment plan if you cannot at present meet your 2013/14 liability.


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