Every year almost 1 million people miss their tax filing deadline. But what are the penalties for a late tax return?
There are in fact two different penalties if you file a your self assessment late. There is the penalty for filing late and this is a separate penalty for paying your tax bill late. It's important to note that even if you owe no money in taxes, or in fact are due a refund you will still be fined for filing late.
There are a series of fines applied simply for filing your return late.
So the total fines for filing a year late will come to £1,600!
If you owe a tax bill and miss the payment deadline you will have additional fines and interest in addition to the late filing fines above
So paying your tax bill a year late will lead to interest added of over 18%.
These fines are automatic, however in certain specific circumstances such as such as death of a relative, serious illness or fire they may be waived
Recently the government has announced a review of the late filing penalties and is looking into replacing them with a points based system similar to speeding tickets on a driving license. However this won't come in until 2020 at the earliest.
For now, the fines for missing the self assessment deadline can wrack up very quickly, even if you do not owe much in tax. If you are late with tax return you should file it as quickly as possible to stop the late payment fines building up. Because of this TaxScouts prioritizes late filings to help stop those fines accruing.
Get your self assessment prepared for you online by certified accountants for £99
Our online tax-bot will go over your tax situation and will make sure you won’t overpay your taxes.
You can talk to one of our tax assistants at any time during the process when you have any questions.
We’ll tell you exactly what documents you need and sort them for you online. You just upload them or snap a picture with your phone.
Your certified accountant will go over your details & prepare your tax return for you to review. It will be filed on your behalf once you approve it.
We have a simple online service that guides you through the entire process. Regardless of your reasons for doing your tax return we'll help you get it done right.
We'll prepare your self assessment and help to maximise your CIS tax refund. We have the lowest fees in the industry and you don't have to pay up front if you're eligible for a refund.
Our service allows people living abroad to prepare their income tax return online. We are able to process all returns regardless of your current country of residence.
UK company directors are required to file their self assessment annually. TaxScouts handles this through a simple online process.
Long Lets, Airbnb, Capital Gains. TaxScouts will sort out your self assessment and take away the worry of tracking all the recent tax changes.
TaxScouts ensures the self employed don't overpay on their taxes. We'll help you benefit from all the tax breaks and deductions that can be applied to your return.
At TaxScouts we appreciate that tax returns are highly individual. Before you get assigned an accountant we make sure to understand your circumstances and help you build your optimal tax profile.