Late Tax Filing 2009
Question: If I have earned literally no money in a financial year, am I liable for a £100 late filing penalty? (UK)?
In 2005 I set up an illustration company whilst at university. It was just so everything would be above board if I got work through clients.
To date, I have never earned over £1000 a year from this business, and in fact, in the last financial year (April 2006 to April 2007) I did not recieve a single commision.
Last year, due to being hospitalised over the january deadline my forms weren’t completed untill February. However, I was not liable for a £100 fine as I did not earn enough money to pay any tax.
It looks to be the same again this year – Except I have absolutely no money whatsoever and ergo have no tax to pay. I now have to file my tax returns online. If they are not completed by 31st January 2009 will I be fined £100? or will it be like last year where I didn’t earn enough to recieve the fine?
If you provide an answer I would appreciate you providing your source.
Answer: You will initially be charged this penalty if no Return received by tax office on 01/02/09. You should appeal on the grounds on no tax due. When you do file, if there is no tax due the penalty is wiped out.
You still have to file your Tax Return, and the penalty will not be cancelled until you do.
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