Late 2014-15 tax returns set for £10 daily fines

Taxpayers yet to submit their self-assessment tax returns for the 2014-15 financial year will be hit with daily £10 late filing penalties from Sunday 1st May 2016.

HM Revenue and Customs (HMRC) will charge taxpayers with overdue 2014-15 self-assessment returns £10 a day until the return is submitted. This is on top of the £100 fixed late filing penalty late filers received for missing the statutory filing deadline of 31st January 2016.

The additional £10 daily charge can be charged for a maximum of 90 days, so anyone who still has a return outstanding at the end of July will have accumulated a further £1,000 in fines.

A further penalty is likely to be incurred of at least £300 if the return is not filed by 31st July 2016.

Anthony Thomas, chairman, Low Incomes Tax Reform Group, said: “Automatic penalties for late submission of self-assessment tax returns take no account of the amount of tax an individual owes.

“They are the same for everyone – even if you owe nothing at all or are owed tax back. Those on low incomes who may be struggling to deal with the tax system alone can very easily fall foul of them simply due to being insufficiently aware of their tax obligations.

“Importantly, the fines can be appealed against if you have a reasonable excuse for filing the return late. This might include situations such as prolonged ill-health, bereavement, or family breakdown – to give just a few examples.

“We would strongly urge anyone with an overdue return to submit it as soon as possible; and to do so online as a paper return for 2014/15 will already attract the maximum £1,000 penalty.

“You can then appeal against the fines by writing to HMRC to explain why the return has been filed late.”

Your local TaxAssist Accountant can help you to organise your self-assessment affairs, ensure you pay the right amount of tax and limit your late filing penalties.

At TaxAssist Accountants we utilise industry-leading HMRC-approved software to complete your tax returns, calculate your tax liability and liaise with you on the amounts to be paid and when they are due.

To arrange a free initial consultation with your local TaxAssist Accountant simply drop us a line using our simple online enquiry form or give our friendly team a call today on 0800 0523 555.

Last updated: 29th April 2016