Income Tax Self Assessment Penalties

A&C Chartered Accountants would like to advise all clients and other readers of the changes to the penalties for filing your tax returns late and for not paying your tax on time. A very important point to note is that the late filing penalty is no longer capped to the amount of unpaid tax at the filing due date. So if you habitually file your returns late on the belief that because you are normally due a tax refund ( e.g CIS cases ) or have no tax to pay, you will not receive a penalty then you need to think again and get your returns in on time and pay on time.