Posted on 28 April 2016
If you have not yet filed your online self-assessment tax return for the year ended 5 April 2015 with HMRC, you need to do so by the end of this month to avoid being charged more money.
HMRC’s next round of late filing fines kick in on 1 May 2016, when the they will be allowed to charge taxpayers with overdue tax returns £10 per day until the return is submitted.
These fines are on top of the £100 fixed penalty that HMRC will already have charged people for missing the statutory filing deadline of 31 January 2016.
The additional £10 per day penalty can be charged for a maximum of 90 days and so anyone who still has a return outstanding at the end of July will have accumulated total fines of £1,000. You are also likely to incur a further penalty of at least £300 if the return is not filed by 31 July 2016.
If you need help with completing your return, get in touch with our Tax Team here.