In the past the penalties for the late filing of a personal Tax Return were no real deterrent. The maximum automatic penalty of £200 or the lesser of the tax outstanding or a very late Return does not appear to have been too much of a deterrent.
It has now all changed. Even when there is no liability, if a Tax Return is filed more than 12 months late, there are provisions for penalties of up £1,600. Should a there be liability the penalties and even higher. You have been warned!
The information in this article was correct at the date it was first published.
However it is of a generic nature and cannot constitute advice. Specific advice should be sought before any action taken.
If you would like to discuss how this applies to you, we would be delighted to talk to you. Please make contact with the author on the details shown below.
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