If you are yet to submit your tax return for the 2020/21 tax year, you will have been charged with a £100 late filing penalty. If you do not submit your return this side of 1st May, HMRC will charge an additional penalty of £10 per day that the return is late, up to a maximum of 90 days.
Beyond this point, additional late filing penalties may be incurred if the return is 6 months late, where a further penalty of 5% of the tax due (or £300 if this is greater than the 5%) will be issued.
We would advise anyone who has a return outstanding for the 2020/21 tax year to get this filed as soon as possible.
More information on HMRC’s penalty regime can be found here:
If you have any questions regarding late returns or penalties, or queries on the wider world of tax and accounting, please get in touch with your usual contact at Whitings.
Disclaimer - All information in this post was correct at time of writing.