Don’t be caught out by delays to Penalty notices!
HMRC has confirmed that warning letters (penalty notices) regarding the late filing of 2018 Self-Assessment tax returns may not be sent to taxpayers until April. These letters are usually sent in February but HMRC has blamed the extra workload resulting from ‘Brexit’ for the delay.
Taxpayers who have missed the deadline have already triggered the standard £100 penalty. However, the penalties increase significantly with effect from 1 May when £10 daily penalties commence. Therefore, if you have overlooked filing your tax return, don’t wait until the reminder letter arrives as that may be very close to the point when daily penalties start.
Need more help?
If you missed the deadline or have concerns regarding late filing of tax returns, please contact your usual MFW contact as soon as possible. Acting now will help to keep penalties, surcharges and interest to a minimum.