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If, for example, you should have filed a 2004 return on January 31st ’05, and paid tax of £1,000, but failed to do so until August 1st ’05, you would have faced the following additional liabilities.
Fine for filing return late £100.00
Fine for filing return 6 months late £100.00
5% surcharge for failing to pay tax by Feb 28th £50.00
5% surcharge for paying tax 6 months late £50.00
6 months interest at 7.5% p.a. £37.50
Total £337.50
In effect, you have increased the amount you had to pay by roughly 34%. We plan our work to ensure that our clients avoid such penalties, including sending them deadline reminders.
mail@taxationadvisoryservice.co.uk