Networking in Surrey

If you are contractor, freelancer and small business owner in the UK, it's staggeringly vital to monitor your filing and payment due dates, as well as changing tax rates and thresholds.

HMRC has two categories of penalties for Self Assessment .


1:- Late filing of annual tax Returns

2:- For late payment of the Income Tax and NI Contributions reported on the tax return.


Penalties for late Self Assessment tax return

1:- Missed Due Date – £100 fine

2:- 3 months late – £10 day by day penalty for up to 90 days

3:- 6 months late – 5% of due tax amount

4:- 12 months late – 5% of due tax amount

Penalties for late payment of Self Assessment tax bill

1:- 30 days late – 5% of assessment due

2:- 6 months late – 5% of assessment due at that date

3:- 12 months – 5% of tax assessment due at that date

The penalty is multiplied if your records are late two years in succession.

Limited Companies - You can be fined and your organization struck off the register in the event that you don't send Companies House your accounts or yearly return.

Appeal against a late filing penalty

You should give a reason why you couldn't document your accounts on time.

1:- Company is Dormant

2:- Can’t bear to Pay

3:- It was accountant’s fault

4:- Didn’t know when or how to file your accounts

5:- Accounts were delayed or lost in the post

6:- The directors live or were travelling overseas

You can send a letter to the address on the front page of the penalty receipt that Companies House send you, or send an email including the penalty reference to .

DNS Accountants is a leading firm of accountants, tax specialists & auditors is specializes in the tax advice and return preparation for UK clients. DNS Accountants help individuals save time and money with self assessment services.

Get a free consultation today call: 02071480205.


Note : Above mentioned content is originally posted at :-

Views: 109

Add a Comment

You need to be a member of Networking in Surrey to add comments!

Join Networking in Surrey

This Month's Sponsors (Links)

These NiS MEMBERS help us keep NiS free for you! Click the ads for info and offers...

Meet David Reavely on NiS...

With a diploma in nutritional medicine, PE teacher turned Food Detective’ Dave Reavely detects food intolerances and identifies how your diet and lifestyle affect your health, weight and fitness - and what to do about it! Click for details

Meet John Gower on NiS...

Local Networking Works! Start boosting your business TODAY... Please click the ad for details

Meet Harriet Boshier on NiS...

We’re committed to customer success by helping them achieve outstanding results and grow their business with confidence. We provide personalised CRM solutions for ambitious SMEs facing challenges around all areas of business performance

Read our free daily GLOBAL NETWORKING NEWS & TIPS...

Meet Keith Grover on NiS..

MyTeam Network takes all your networking to the next level by addressing the space between meetings - it's 'joined-up networking for grown-up people'!

Become a Sponsor and promote your business by taking an ad  - seen by over 2,000 Members, 1,500 unique visitors  with 6,000+ pageviews every month...

"Thanks for getting Google on my side! It's  so nice when you can see a return on your investment."
Emma Selby Farnham Hub

Sean Usher Interviews Keith Grover Part 1 &2...

WATCH A VIDEO of Keith telling Sean Usher all about NiS

© 2018   Created by Admin.   Powered by

Badges  |  Report an Issue  |  Terms of Service