[frame_right][/frame_right]As well as the usual £100 fine for filing a tax return after the 31 January deadline, people who leave it a further three months will have to pay £10 a day in fines up to a maximum of £900. A further £300 can be levied after six months and another £300 after twelve months, adding up to a potential £1,600 in fines.
If your business is run as a partnership, the nominated partner must also complete a partnership return by 31 January. The nominated partner is responsible for sending in the partnership Return, but you will be jointly liable with your other partners for any penalties, surcharges and interest if the return is late or inaccurate.
Any unpaid tax has to be paid by 31 January; if it is not, then interest will be charged. Usually, HM Revenue & Customs (HMRC) will agree to take payment for tax owed from adjusting personal PAYE codes. Up to £3,000 can be paid in this way. If your tax bill is over £3,000, then HMRC will usually ask for payment on account for the following tax year. The first payment on account is also due by 31 January, with a further request made for 31 July.
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