Date posted: 12th May 2021
If you have not yet filed your 2019/20 Tax Return, then you will be accruing daily penalties at a rate of £10 per day from 1 May 2021. This continues for a period of 90 days and thereafter further penalties are charged which are the higher of £300 or 5% of the 2019/20 tax due.
It is therefore imperative that you complete your 2019/20 Tax Return, sooner rather than later, to avoid accruing significant penalties. If you believe that you have a “reasonable excuse” then you may be able to appeal against the penalty. However reasonable excuses do not include the death of pet goldfish or being cursed by family members – these are genuine excuses made by taxpayers to HMRC!
We have significant experience in penalty disputes and appeals with HMRC. If you need assistance with a penalty appeal or your Tax Return, please give us a call or contact us here.