Information

We have included some information that may be of interest to you.

1. Self-Assessment filing penalties
2. NIC holidays for new businesses
3. VAT crackdown
4. July self Assessment statements
5. Late PAYE payment penalties

Self Assessment Filing Penalties

The basis of late filing penalties is changing with eefct from the current tax year. In the past, HMRC would issue a 100 fixed penalty for a late submission, with a further 100 fixed penaly after 6 months if the return was still not received. Noew penalties will be chared at a much higher rate, as indicated in the table below.

Length of delay Penalty you will have to pay
1 day late A fixed penalty of 100. This applies even if you have no tax to pay or have paid the tax you owe.
3 months late 10 for each following day - up to a 90 day maximum of 900. This is as well as the fixed penalty above.
6 months late 300 or 5% of the tax due, whichever is the higher. This is as well as the penalties above.
12 months late 300 or 5% of the tax due, whichever is the higher. In serious cases you may be asked to pay up to 100% of the tax due instead.
These are as well as the penalties above.

Nathan Charles, Unit 6 Eckland Lodge, Desborough Road
Market Harborough, Leicestershire. LE16 8HB
T: 01536 762399 E: info@nathancharles.co.uk