Careless, or even intentional mistakes, can cost you dearly – you could be charged more depending on the severity of your mistake.
The infographic above shows HM Revenue & Customs penalties for inaccurate tax returns. Here is some further explanation from HMRC’s website:
- if a penalty arises because of a lack of reasonable care, the penalty will be between 0% and 30% of the extra tax due
- if the error is deliberate, the penalty will be between 20 and 70% of the extra tax due
- if the error is deliberate and concealed, the penalty will be between 30 and 100% of the extra tax due
For more information please consult the HMRC’s website.
But you don’t need to panic, if you’re not sure about your Self Assessment Tax Return or just want someone else to complete it, we’re here to help.