Taxpayers and accountants everywhere breathed a sigh of relief on Tuesday as we reached the tax return filing deadline for the 2015-16 tax year.
If you didn’t manage to meet the deadline, HMRC will issue an automatic £100 late filing penalty.
If your tax return is more than 3 months late, additional daily penalties of £10 will then be applied for up to 90 days, up to a maximum of £900!
(Further tax related penalties would then apply if the return was more than 6 months late).
To ensure you don’t start getting the £10 daily penalties, make sure your return is submitted before 30th April 2017.
Please also note, if you do not pay your tax liability within 30 days of 31st January, HMRC will charge an additional penalty of 5% of the tax due – this will apply even if you filed your return on time.