What happens if I don’t file my tax return on time?
The deadlines for submitting a tax return for 2023 – 2024 tax year are 31 October 24 for a paper return, and 31 January 25 for an online return and, if you miss the deadline for submitting your tax return or paying your bill, there can be consequences.
Here’s what you need to know:
If your tax return is up to 3 months late, you can incur a late filing penalty of £100 and this can increase if your return is even later or if you pay your tax bill late. You will also be charged interest on any late payments.
After any initial penalty, further penalties and interest will accumulate over time. If you are 30 days late, you’ll be liable for 5% of the tax due, three months late and a daily charge of £10 is applied for up to 90 days.
Get in touch today if you need clarification on late filing penalties or, if you’re facing difficulties paying your tax bill, we can advise and guide you in the right direction.
Our full range of services
Accounts
Management Accounts, Year-End Accounts, Consolidated Accounts, Service Charge Accounts
Audit and Assurance
Statutory Audits, Voluntary/Non-Statutory Audits, Specialist Audits & Reporting, Auditing for the Not-For-Profit Sector
Advisory
Organisational Restructure, Business Budgeting & Forecasting, System Reviews & Implementation, VAT Reviews, Expert Witness Reporting
Corporate Finance
Selling a Business, Support with Funding for Growth, Due Diligence, Business Acquisitions and Disposals
Personal Tax
Income Tax, Self Assessments & Tax Returns, Capital Gains Tax, Inheritance Tax
Corporate Tax
Tax Reliefs, Capital Gains Tax, Corporation Tax Returns, Tax Investigation Support, VAT Services
Outsourcing
Finance Function, Bookkeeping, Payroll & Pensions, Company Secretarial Services
Not-For-Profit Services
Accounting & Audit, Independent Examinations, Risk & Internal Audit Services, Grant Reviews & Assurance, Management Accounts, Bookkeeping