Tax penalties are automatically applied by HMRC for late filing of tax returns and late payment of tax, also if you didn’t file tax returns HMRC can ask for repayment of SEISS grants.
Late filing penalties can escalate very quickly and late tax return filing penalties are:-
- £100: applied immediately the form is late;
- £10 per day: charged once the return is 3 months late for a maximum of 90 days;
- the higher of £300 or 5% of the tax due: applied if the form is 6 months late; and
- a further £300 or 5% of the tax due (whichever is higher): applied if the form is 12 months late
Don’t despair, if you bring your tax affairs up to date, I can help you with an appeal against the penalties. If there are reasonable excuses such as health issues or bereavement, for example, then its quote possible to have these penalties or demands for SEISS repayment cancelled.
I have an excellent success rate in this area using my knowledge and experience, so if you are facing this situation just get in touch and I will see if I can help
Contact me here for more details and a free 30 minute initial video meeting
