08 Mar Missed the tax return deadline and received a Penalty? What can you do to avoid or minimise the risk of a penalty?

Missed the tax return deadline and received a Penalty? What can you do to avoid or minimise the risk of a penalty?

If you missed the 31 January 2017 for filing your tax return, you will get a £100 penalty. But this is not end of the road.

But there might be worse to come if you leave it unfiled beyond 30 April 2017. In this case additional penalties of £10 for each day your return is late beyond 30 April 2017 will kick in.

If you don’t file a tax return soon, HMRC might send you an estimated tax bill, known as “determination”.

To avoid penalties when you don’t have the precise figures to compete the tax return, it is best to make informed estimates and submit your tax return rather than do nothing.

You are then given until 31 January 2018 to change the figures if necessary.

In the case you submit your form using estimated figures, you must let HMRC know- by ticking the appropriate box to inform your return includes estimated figures.