A new penalty regime for self-assessment is to be introduced from 1 May, ACCA (the Association of Chartered Certified Accountants) has warned.
Chas Roy-Chowdhury, ACCA head of taxation said: 'The new penalty regime, which is now charged on late tax returns, could take quite a significant chunk out of your earnings. It is hugely important that, even if you don’t believe you owe any tax, get your return in as soon as possible.'
The new penalty regime charges an initial £100 for late filing, and then £10 per day for every day you are late, up to a maximum of £900. If you are six months late you will be charged £300 or 5% of the tax due, whichever is greater on top of the previous charges. If you are 12 months late, you will be charged £500 or 5% of the tax owed, whichever is greater, again on top of all previous charges.
Mr Roy-Chowdhury continued: 'Even if you owe no tax and are a year late filing you will have racked up £1800 in fines. HMRC is sending a message to all who have to file self-assessment, and that is regardless of what you may or may not owe, get your return in on time.'
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For more information, please contact:
Ray Allger, ACCA UK newsroom
+ 44 (0)20 7059 5788
+44 (0) 7540 919 819
Notes to Editors
- ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
- We support our 147,000 members and 424,000 students in 170 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of over 80 offices and centres and more than 8,500 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence.
- Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. We believe that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. Our values are aligned to the needs of employers in all sectors and we ensure that through our qualifications, we prepare accountants for business. We seek to open up the profession to people of all backgrounds and remove artificial barriers, innovating our qualifications and delivery to meet the diverse needs of trainee professionals and their employers, innovating our qualifications and delivery to meet the diverse needs of trainee professionals and their employers.