Posted by Nick Day on 25 Sep 2015

2014/15 UK Tax Return Filing Deadline and Penalties

The 2014/15 UK tax year ended on 5 April 2015 and taxpayers need to consider completing and filing their Tax Returns for this year. 2014/15 UK Tax Returns usually need to be filed with HM Revenue and Customs (HMRC) by 31 January 2016 if you file on-line but must be filed by 31 October 2015 if you file a hard copy paper Tax Return.

If you are late in registering to file a Self Assessment Tax Return, the deadline is extended and the Return needs to be filed within 3 months from the date it is issued.

Penalties

If UK Tax Returns are not filed on time HMRC can levy harsh penalties.

Anyone whose Self Assessment Tax Return is more than three months late (i.e. not filed by 30 April 2016) will be charged a £10 penalty for each day it remains outstanding, up to a maximum of 90 days, so up to a maximum of £900. This is in addition to the automatic £100 late-filing penalty that will already apply.

Looking ahead, further penalties of at least £300 (or 5 per cent of the tax shown as due on the Tax Return, if this is more) will be levied for Returns that are six and twelve months late. Tax due for the 2014/15 year normally needs to be paid by 31 January 2016 and there are also the following late payment penalties to consider if payment is not made on time:

  • Payment 30 days late – penalty of 5% of the tax unpaid at that date
  • Payment 6 months late – a further 5% of the tax unpaid at that date
  • Payment 12 months late – a further 5% of the tax unpaid at that date

Failure to notify

If you perhaps do not file a Tax Return each year but have a new source of income or a capital gain, etc. on which there is a tax liability for the 2014/15 year, you are required to notify HMRC by 5 October 2015.

If you fail to do this, penalties can apply based on the tax due and the amount unpaid at the due date which is usually 31 January 2016. The amount of the penalty charged will depend on your circumstances and how cooperative you are in terms of bringing your affairs up to date. Anyone who has not yet filed their 2014/15 Tax Return can contact us for assistance.

If you would like any advice regarding the above article or would simply like to discuss other ways in which we could help you or your business, please contact us on 01962 856 990 or customerservice@taxinnovations.com