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HMRC begins to issue late filing penalties

by Susie Hughes at 13:18 10/04/19 (News on Business)

HMRC is starting to issue late filing penalties for self-assessment income tax returns this week, which is earlier than originally expected.

The penalty for missing the filing deadline of January 31 2019 for a 2017/18 return is £100. Advertisement HMRC announced in February 2019 that, due to Brexit-related pressures, the issue of these notices would be delayed this year. The Association of Taxation Technicians (ATT) raised concerns at the time about the delay as the £100 penalty notice is an important prompt to taxpayers that their return is outstanding. A delay in issuing this prompt also increases the risk of daily penalties. Daily penalties start to accrue at a rate of £10 per day if the return is still outstanding three months from the January 31 due date – ie from May 1 2019. Jon Stride, from ATT said: “The ATT is pleased that HMRC have now started to issue penalty notices and have not delayed the exercise to the end of April, which was originally a possibility. However, it will take HMRC until April 12 2019 to issue all the penalty letters. This gives taxpayers a little over two weeks to submit their return before the daily penalty regime commences. “Anyone who has yet to file their 2017/18 tax return should do so as a matter of urgency. They will not be able to avoid the £100 penalty unless they have a reasonable excuse for being late, but getting the return filed online by no later than April 30 2019 will mean that they will avoid the additional £10 per day.” Tweet -- If you wish to comment on this article, please log in and use the Reply button below. Registering is free and easy - see 'Join Shout99'. - Susie Hughes © Shout99 2019

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