Well you are not alone! Per HMRC statistics, roughly half a million taxpayers failed to file their 2016/17 tax return by 31 January 2018.
If you didn’t file, first of all don’t panic. Prepare your tax return or appoint a tax advisor to do it for you as soon as you can.
You will incur an automatic £100 late filing penalty for not meeting the 31 January deadline, but provided that you file a tax return and pay any tax due within 30 days, no further penalties are due. There may be a small interest charge.
If you don’t file your return within 30 days or pay the tax, you will incur a further penalty of 5% of the tax due.
No further penalties accrue until your tax return is 3 months late. You will then incur a daily penalty of £10 per day for up to 90 days (max £900) then a further 5% of tax due or £300 if greater. After this penalties increase further at six and twelve months.
For more information, please contact Lesley Sutton on 01484 550037 or email email@example.com.