Advice on Penalty Deadlines

DON'T BE PENALISED!

It is vital to submit documents before penalty deadlines and we ensure that all our clients do this.

Key dates are as follows:-

Self Assessment

January

Tax Returns for previous year ended 5th April submitted after January incur an automatic £100 penalty.

February 28th

Anyone who has not paid tax due on January 31 is liable to a 5% surcharge on their bill.

July 31st

Tax Returns still outstanding from the previous year are liable to a further £100 fine. Anyone who has not paid tax due on the January 31st is liable to another 5% surcharge on their bill.

Payroll Returns 6th July

Failure to submit returns P9 or P11D incurs an initial penalty not exceeding £300 and a continuing penalty not exceeding £60 for each day on which the failure continues after the imposition of the initial penalty. Penalty not exceeding £3,000. Failure to submit P.A.Y.E. Returns - £100 penalty for each 50 employees, or part thereof, for each month the failure continues.

Statutory Accounts 10 months after year end

Accounts have to be submitted to Companies House within ten months after the year end to avoid a £100 fine.

Corporation tax returns 12 months after year end

Corporation tax returns have to be submitted to the Inland Revenue within 12 months from the year end to avoid a further £100 fine.

The above is not a complete guide to the penalties that can be incurred but merely a guide to assist in submitting things on time and avoiding gifting penalties to the Revenue.