I have relistened to Hilton’s interview on the club’s website which was released on 02/04/23.
43 MINUTES IN
Accounts filing – Hilton said the accounts will be filed at some point next week (W/C 03/04/23) – Still not filed.
Still not filed and another week passes us by.
Penalties for late filing:
You’ll have to pay penalties if you do not 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
If your tax return is late 3 times in a row, the £100 penalties are increased to £500 each.
If your tax return is more than 6 months late:
If your tax return is 6 months late, HMRC will write telling you how much Corporation Tax they think you must pay. This is called a ‘tax determination’. You cannot appeal against it.
You must pay the Corporation Tax due and file your tax return. HMRC will recalculate the interest and penalties you need to pay.
