Date posted: 28th Apr 2022
If you still have not completed your 2020/21 Tax Return, then you need to be prepared for daily £10 penalties to apply for each day that the Tax Return remains unsubmitted from 1 May 2022.
The daily penalties will continue to apply from 1 May 2022 for a period of 90 days. Thereafter further penalties will apply which are the higher of 5% of the 2020/21 tax due or £300 with similar penalties applied the longer the delay continues.
You should therefore take urgent action to complete your 2020/21 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 any HMRC penalty raised but the principle of reasonable excuse can be challenged by HMRC. We are well versed in penalty appeals and can therefore guide you through the HMRC rules.
If you require any assistance with your Tax Returns, then please give us a call.