Tax FAQ
Income Tax Returns
I have forgotten to complete my tax return and will
therefore submit it to HM Revenue & Customs late. My return
shows a tax liability of £50. Will I have to pay any penalties for
late submission?
HM Revenue & Customs impose an automatic penalty for late
returns. The penalty is the lesser of £100 or the equivalent of the
tax due. In your case, so long as you submit the return within six
months of the filing date, the penalty will be £50. If you return
it after six months, there will be a further automatic penalty of
£50. Failure to submit your return on time will not only cost you
in the form of penalties but will also promote the likelihood of an
investigation by HM Revenue & Customs.