Avoid a penalty for a late 2013/14 tax return

31 October 2014 is the deadline for filing individuals’ tax returns for 2013/14 in paper form. If a paper return is filed after that date the following penalties may be charged:

  • an initial £100 fixed penalty, even if there is no tax to pay or it is paid on time;

  • if the return is still not filed by 31 January 2015 additional penalties of £10 per day, up to a maximum of £900;

  • if it is still not filed by 30 April 2015 a further penalty of 5% of the tax due or £300, whichever is greater;

  • if it is still not filed by 31 October 2015, another penalty of 5% of the tax or £300, whichever is greater. If the delay amounts to

  • the withholding of information the penalty may be even greater – up to 200% of the tax due in certain cases.

Interest and penalties may also be incurred for paying tax late.

The good news is that the deadline for submitting returns online, rather than in paper form, is not until 31 January 2015. If you would prefer, we can assist with this. Do not send in a paper return late, followed by an online form on time, because in these circumstances the £100 penalty will still arise.

Online filing is not only a way to extend the time limit. It also provides a faster and more secure way to transmit your return to HMRC, avoiding the possibility of postal delays and disputes over whether the paper return was received. In addition, repayments are processed much more quickly than in the case of paper returns.

For more information please contact your local tax adviser.


Private client tax team

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Private client tax