HMRC Penalties for late filing of 2015-16 tax returns

Your 2015-16 tax return is due for filing by 31st January 2017 in order to avoid any penalties.  And if you don't file your 2015-16 tax return by then you will rack up some quite hefty penalties - even if you have no tax to pay or have overpaid tax.

And the penalties you’ll be liable to are as follows:

• Not filed online by 31 Jan 2017 - automatic £100 penalty (even if you’ve overpaid tax)

• Not filed by 30 April 2017 (3 months late) then daily penalties of £10 per day up to a maximum of £900

• Not filed by 31 July 2017 (6 months late) the greater of 5% of the tax due or £300

• Not filed by 31 Jan 2018 (a year late) additional penalty being the greater of 5% of the tax due or £300

Not only that, but HMRC will charge penalties for not paying your tax on time which could be as much as 100% of the tax due if you’re particularly badly behaved, plus interest will also be charged on late payment.

So if you haven't done your 2016 tax return yet, we would advise you to think about filing it sharpish or else you may find yourself facing a hefty bill!

If you miss this deadline and have a genuine reason for being late, HMRC may waive the penalties - but please don't bank on it!

If you'd like to talk to us about filing your tax return, or about how to appeal against any penalties, feel free to get in touch.

And remember, you don’t need to worry about your 2016-17 tax return yet – that’s not due for filing until 31st January 2018.