Will I be Charged the £100 Penalty for a Late Tax Return?

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    I’ve been out of the country so I won’t be able to finalise my accounts and submit my tax return for 2007/08 until mid-February 2009. I don’t think I owe any tax as I have made a loss for the year. Will I be charged the £100 penalty for a late tax return?

     

    You will be sent a penalty notice if the tax office has not received your 2007/08 tax return by 1 February 2009. When you do submit your return and it shows you had no tax to pay at 31 January 2009 the penalty should be reduced to nil. However, do not delay completing your return as the Tax Inspector can ask the Tax Tribunal to impose a penalty of up to £60 per day to encourage you to file your outstanding tax return. This penalty will not be reduced even if you owe no tax.

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