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Penalties for late filling of tax return

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Penalties for late filling of tax return

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by Tax Tutor.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • July 25, 2017 at 9:21 am #398548
    quytuan
    Participant
    • Topics: 116
    • Replies: 46
    • ☆☆

    In BPP textbook and Kaplan textbook ( year end in 3/2018), both instruct the Pelnaties for late filling of tax return is as follows:
    Date return is filed Penalty
    • after due date • £100 fixed penalty
    • 3 months late • Daily penalties of £10 per day (maximum 90 days), in addition to £100 fixed penalty
    • 6 months late • 5% of tax due (minimum £300),plus above penalties
    • more than 12 months after due date where withholding information was: The above penalties plus:
    – not deliberate: Additional 5% of tax due (minimum £300)
    – deliberate but no concealment: 70% of tax due (minimum £300)
    – deliberate with concealment: 100% of tax due
    However, on the website: https://www.gov.uk/company-tax-returns/penalties-for-late-filing
    2. Penalties for late filing is as follows:

    You’ll have to pay penalties if you don’t file your Company Tax Return by the deadline.
    Time after your deadline Penalty
    1 day £100
    3 months Another £100
    6 months HM Revenue and Customs (HMRC) will estimate your Corporation Tax bill and add a penalty of 10% the unpaid tax
    12 months Another 10% of any unpaid tax
    and when come to some exercises in both BPP and Kaplan Revision Kits referring on this topic, the solutions followed the instructions on the webstie
    I wonder that both Kaplan textbook and BPP textbook are wrong?
    Please help me verify that!
    Thank you!

    July 28, 2017 at 6:18 am #399089
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    I think you may be confusing the rules for personal tax and corporate tax and we use for our exam the rules in force for 2016/17. I would advise not using HMRC website but keep with the BPP/Kaplan textbooks as these will have been reviewed and approved by ACCA

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