Tax Accountant in Surrey

Affordable fixed fee personal tax packages. Covering tax returns, self employed & rental accounts, bookkeeping and complex tax affairs. Making tax as easy as possible for clients since 2006.

  • E-mail
  • LinkedIn
  • Twitter
  • Home
  • Services
    • Fixed-fees
    • Bronze – Tax Return
    • Silver – Return & Accounts
    • Gold – Complex Returns
  • Resources
    • Books
    • Business Course
  • About
  • FAQ
  • Clients I’ve helped
  • Blog
  • Contact

Daily fines for a late 2016 tax return are approaching

Daily-fines-for-a-late-2016-tax-return-are-approaching

People may think that the fine for a late 2016 tax return is £100… but in fact it can actually be £1600 or more.

The fine applies even if you have a overpayment of tax for the year – it is quite normal to see that tax refund you would have been entitled to disappear against fines for not sending in the overdue 2016 personal tax return.

There was indeed a £100 fine on 1st February 2017, the day after the final deadline for submitting the 2016 tax returns online.

However, there was also a 5% surcharge on any tax outstanding at the end of February – and you won’t know if there was any tax due unless you have completed the return and worked out the tax due.

So, you already have a £100 penalty and a 5% surcharge on any tax unpaid for 2015/16.

In addition, you will have an interest charge on top that has been building up since 1st February 2017.

Now, you also have the prospect of daily penalties coming from the end of April 2017 – these are £10 per day and will be charged for up to 90 days, so making another £900 in fines.

There are even more penalties on top at the end of July should the return still be outstanding.

Remember, the fines relate to the return itself – so if you still have an outstanding return it would be highly recommended to complete and submit this to HMRC without further delay.

If you need any assistance, please do get in touch – there is no charge for an initial consultation by email.

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)

Related

Comment Cancel reply

Tax & small business news

  • HMRC Home working claim changes for 2023
  • The 2022 Tax Return
  • National Insurance changes from July 2022
  • Making Tax Digital postponed until 2024
  • National Insurance increase from April 2022
  • Dividend Tax Increase from April 2022
  • Taxhelp celebrates 15 years in business
Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie & Privacy Policy

Accountant in Surrey

Are you looking for a personal tax specialist?

I built up my tax experience in industry and practice over 17 years before founding my own practice in 2006.

Based in Cobham, Surrey I can also help clients throughout the UK.

  

My goal is to make personal tax and accounts for the self-employed as easy as possible for clients

 

Award-winning Accountant

Small Business Saturday is the UK's most successful small business campaign. Only one hundred of the UK’s top small businesses are selected each year for the SBS100. They act as trail-blazers in the official count-down towards the annual event.

I was one of the alumni from the 2014 Small Business Saturday 100, resulting in two visits to Downing Street.

In the Surrey Digital Awards from 2015 - 2018, I was also the winner of several top awards.

© 2022   ·   taxhelp.uk.com Ltd     ·     Privacy & Cookie Policy     ·     Terms & Conditions