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Government penalties are increasing!

Feb 25, 2010   //   by paulgreen   //   SME News  //  No Comments
Companies house

The filing dates for filing private limited company accounts have been brought forward by a month and now need to be filed within 9 months of the year end. If the accounts are filed late then the following penalties apply:

Not more than 1 month – £150
More than 1 month but not more than 3 months – £375
More than 3 months but not more than 6 months – £750
More than 6 months – £1,500

New PAYE penalties for late payment

From 6 April 2010 there will be penalties imposed for paying the PAYE late. PAYE is due to be paid on the 19th of each month. The table below shows how the penalties will be calculated:

1 No penalty
2-4 1%
5-7 2%
8-10 3%
11 or more 4%

Penalties for all tax returns

Penalties will be due if a tax return or other tax document is inaccurate. The penalties range from:

Reasonable care – No penalty
Careless unprompted - 0% (min) to 30% (max)
Careless prompted – 15% to 30%
Deliberate unprompted – 20% to 70%
Deliberate prompted – 35% to 70%
Deliberate & Concealed unprompted – 30% to 100%
Deliberate & Concealed prompted – 50% to 100%

HMRC will reduce a penalty from the maximum if you:
  • Tell them about any inaccuracies
  • Help them work out what extra tax is due
  • Give them access to check your figures
It is therefore important for you to keep on top of your tax returns to avoid unnecessary penalties being charged.

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