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Penalties for late tax returns

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It’s not easy trying to wrap your head around the subject of taxes. However, you don’t have to do everything by yourself. Ours is the leading establishment specialising in tax returns Stoke Newington has. We can help you to form a plan that will improve your current situation.

One thing that typically troubles people is late tax returns. Specifically, they worry about the penalties they’ll suffer for making mistakes and missing the deadlines.

Anyone that misses the deadline to file their return shall incur a £100 fine from HMRC. You could be up to three months late with your documents. In this instance, there will be an extra £10 fine for every additional day. The capacity here is 90 days. All of this shall be on top of the initial £100.

For returns that are 6 months late, it’ll either be 5% of the tax that’s due or a further £300. It depends on which one is higher.

Finally, for returns that are 12 months late, HMRC will add another £300 or 5% to your bill. This is in addition to the previous penalty fines.

Are there any reasonable excuses for lateness?

HMRC can accept certain ‘reasonable excuses’ as justification for waiving your penalty. It has a set definition for these reasons. They are ‘normally something unexpected or outside your control that stopped you meeting a tax obligation’. There are several examples. One would be an unplanned hospital stay. Computer failures would be another. In addition there could have been a fire.

At Brian G Lonis & Co, we can assist you with getting everything in on time. The last thing we want to see is our clients with penalties for late returns. We’ll work with you to create a plan that involves you doing your taxes in good time.

Our team are the very best for tax returns Stoke Newington has because we keep everything in order and remind you. If you could use some assistance, please give us a call.