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Daily penalties for late tax returns

Date posted: 2nd May 2018

The filing deadline for the submission of a 2016/17 Tax Return was, in most cases, 31 January 2018.

This is on the basis that the Return was electronically submitted to HM Revenue & Customs (HMRC).

If you have missed this deadline, then you will have received a late filing penalty of £100 from HMRC.

If you still have not completed the Tax Return, then from 1 May 2018, daily penalties of £10 will be charged by HM Revenue & Customs for each day that the Tax Return remains outstanding. The daily penalties are capped at £900.

A further penalty will be charged if the Tax Return is not submitted by 31 July 2018 – this is £300 or if greater, 5% of the unpaid tax liability. A similar penalty will be charged if the Return is not submitted by 31 January 2019.

As you can see, significant penalties can be charged by HMRC for the late filing of a Tax Return. This is in addition to late payment penalties and late payment interest.

If your 2016/17 Tax Return is outstanding and you need some professional assistance, then please do not hesitate to contact one of our tax teams.


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