Every year almost 1 million people miss the tax filing deadline and have to pay tax return penalties.
There are three different kinds of tax return penalties:
Total fines for filing a year late start at £1,600 but can technically be unlimited – it all depends on how large your original tax bill was:
|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)|
If you owe a tax bill and miss the payment deadline you will have to pay additional fines:
|How late you are||Late payment penalty|
|between 1 day and 30 days||0|
|between 30 days and 6 months||5% of your tax bill|
|between 6 months and 12 months||another 5%|
|over 12 months||and another 5%|
This is calculated yearly, and it is (how else) added to your other penalties as well:
|Period in which you were late||Annual interest rate|
|Since 21 August 2018||3.25%|
|21 November 2017 – 20 August 2018||3%|
|23 August 2016 – 20 November 2017||2.75%|
|29 September 2009 – 22 August 2016||3%|
|before 29 September 2009||see the full list here|
Get your self assessment prepared for you online by certified accountants for £119
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.
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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.