Save yourself £10 a day – get your 20-21 tax return filed by 1st May!

27th April 2022

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:

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1060751/SA370-Notes-2022-English.pdf

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.
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