Your 2014-15 tax return was due for filing by 31st January 2016 in order to avoid any penalties. If you still haven’t filed your 2014-15 tax return you will now be racking up some quite hefty penalties.
And the penalties you’ll be liable to are as follows:
- Not filed online by 31 Jan 2016 – automatic £100 penalty (even if you’ve overpaid tax)
- Not filed by 30 April 2016 (3 months late) then daily penalties of £10 per day up to a maximum of £900
- Not filed by 31 July 2016 (6 months late) the greater of 5% of the tax due or £300
- Not filed by 31 Jan 2017 (a year late) additional penalty being the greater of 5% of the tax due or £300
Not only that, but HMRC will charge penalties for not paying your tax on time which could be as much as 100% of the tax due if you’re particularly badly behaved, plus interest will also be charged on late payment.
So if you haven’t done your 2015 tax return yet, we would advise you to think about filing it sharpish or else you may find yourself facing a hefty bill!
And remember, you don’t need to worry about your 2015-16 tax return yet – that’s not due for filing until 31st January 2017.
About the Author
Richard Baldwyn ATT, CTA | SafeNett | Featured Member |
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