Late Tax Return?

Kevie192

Hi all,

I am in the process of working out my tax return but it looks like I'll have to complete it a bit late.

Am I right in saying that, because I made no profit and therefore owe no tax, the fine of £100 will be reduced to nil when I do submit my return?

If so, how late is acceptable in this situation? Would next weekend be ok?

Thanks,

Kevin

suso

If you do not owe any tax, then in this case the penalty will be capped at zero.

There is no time limit for this, it can be one week, it can be one year. Although the sooner the better, otherwise HMRC will start chasing you.

This year as far as I am aware is the last year that penalties will be capped though.

From returns due for 2010 - 2011 onwards, penalties will be applied even when there is no liability.