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Where is your return?
24 January 2018
A third of tax returns are still outstanding with just a week to go before the deadline, says HMRC.
As of today around 8m people have filed their 2016/17 self assessment return.
HMRC’s director general, Angela MacDonald, reminded taxpayers that the 31 January deadline was for submitting your return and pay any outstanding monies. She reminded ‘customers’ that if you send in your tax return late you will receive a £100 penalty, even if you do not owe any tax.
So what are the penalties if you don’t get your self assessment forms and payments to HMRC in on time?
Well, you will be charged £100 if your tax return is even a day late.
Other fines can be charged for extended lateness:
Missed filing deadline - £100.
Three months late – daily penalty of £10 per day for up to 90 days (maximum fine £900).
Six months late – 5% of tax due, or £300, whatever is the greater.
12 months late - 5% or £300 if greater, unless the taxpayer is held to be deliberately withholding information that would enable HMRC to assess the tax due.
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