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 6 years ago by Tax Tutor.
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- July 25, 2017 at 9:21 am #398548
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 #399089I 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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