Is your 2017/18 tax return still outstanding?
If your personal tax return for the year to 5 April 2018 is still outstanding then you will need to file this with HMRC as soon as possible to ensure that you do not receive the daily penalties that will commence from 1 May 2019.

You will already have received a £100 fine for late filing of your return and you are being charged interest on the amount of tax that is still outstanding, as well as a 5% penalty of the tax owed.

As from the 1 May 2019 you will start to receive daily penalties of £10 per day for up to 90 days, or until your tax return is filed.

Therefore if your tax return still remains outstanding on 29 July 2019 you will receive the maximum £900 penalty plus the penalties mentioned above.

If the return is still outstanding after this date then you will receive an additional penalty of £300 or 5% of the tax that is due, whichever is the higher. This is again in addition to all of the penalties mentioned above.

As you can see this level of fines could have a serious impact on your cash flow and your business so the message is easy…..

Don’t delay file your tax return today.

We can help you do this so please contact us to discuss your requirements.

Get in touch - If you'd like to find out more about how we can help you and your business pay less tax, generate more profits and create long-term wealth for you and your family, please get in touch now