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 related to self assessment:
|How late you are||Fine (each gets added to the others!)|
|between 1 day and 3 months||£100 flat fine|
|between 3 months and 6 months||£10 each day|
|between 6 months and 12 months||£300 flat or 5% of your tax bill (whichever is greater)|
|over 12 months||£300 flat or 5% of your tax bill (whichever is greater)|
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.
|How late you are||Payment Fine (each gets added to the others!)|
|between 1 day and 30 days||3% interest|
|between 30 days and 6 months||5% interest|
|between 6 months and 12 months||5% interest|
|over 12 months||5% interest|
So paying your tax bill a year late will lead to interest added of over 18%.
If your tax return is late, we at TaxScouts prioritize late filings and we can stop you from accruing fines.
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.