Government penalties are increasing!
Posted by admin on February 25, 2010 under Tax | 
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Companies house
The filing dates for filing private limited company accounts have been brought forward by a month and now need to be filed within 9 months of the year end. If the accounts are filed late then the following penalties apply:
Not more than 1 month – £150
More than 1 month but not more than 3 months – £375
More than 3 months but not more than 6 months – £750
More than 6 months – £1,500
New PAYE penalties for late payment
From 6 April 2010 there will be penalties imposed Location First South Bank for paying the PAYE late. PAYE is due to be paid on the 19th of each month. The table below shows how the penalties will be calculated:
Number of times payments are late in a tax yearPenalty Percentage
1No penalty
2-41%
5-72%
8-103%
11 or more4%
Penalties for all tax returns
Penalties will be due if a tax return or other tax document is inaccurate. The penalties range from:
MinimumMaximum
Reasonable careNo penaltyNo penalty
Careless unprompted0%30%
Careless prompted15%30%
Deliberate unprompted20%70%
Deliberate prompted35%70%
Deliberate & Concealed unprompted30%100%
Deliberate & Concealed prompted50%100%
HMRC will reduce a penalty from the maximum if you:
Tell them about any inaccuracies
Help them work out what extra tax is due
Give them access to check your figures
It is therefore important for you to keep on top of your tax returns to avoid unnecessary penalties being charged.
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