Self Assessment Late Payment Charges!

Tax Comments Off on Self Assessment Late Payment Charges!

HMRC will shortly start issuing penalty notices to those individuals who did not file their returns on time.

A fixed penalty of £100 will be due for all returns which were outstanding at 31 January 2015.

HMRC will also start to add £10 daily penalties up to a maximum of 90 days where the return remains outstanding after 3 months (30 April 2015).

Additionally, HMRC will raise a late payment penalty of 5% of the balance of any tax due for the 2013/14 tax year that remains unpaid 30 days after the original due date i.e. (by midnight on 2 March 2015). It is therefore important to settle your Self Assessment tax/NIC liability for 2013/14 as soon as possible.

You should be aware that the late payment penalty will not apply to liabilities covered by a time to pay arrangement so it may be beneficial to urgently contact HMRC to arrange a scheduled payment plan if you anticipate any payment issues.

If you would like any further advice on this matter please give Sue Stephens a call.