I believe that the surcharge is calculated as a percentage of the tax due. If there is no tax due (because of a loss) then there should be no surcharge. There are other penalties such as an increased chance of an audit.
I believe that the surcharge is calculated as a percentage of the tax due. If there is no tax due (because of a loss) then there should be no surcharge. There are other penalties such as an increased chance of an audit.
Not necessarily true - my annual corporation tax return was allegedly 1 day late last month. Even though the tax had been paid, they charged 5% of the total bill for the year because the paperwork return was late.
Needless to say I kicked up and had the express post receipt. They credited me last week.
Not necessarily true - my annual corporation tax return was allegedly 1 day late last month. Even though the tax had been paid, they charged 5% of the total bill for the year because the paperwork return was late.
Needless to say I kicked up and had the express post receipt. They credited me last week.
Glad to hear you got credited. If a return is late then the penalty is a percentage of the tax due (tax due = tax liability). If there is no tax due, ie no liability, then a percentage of zero is still zero.
Correct. Another point for ROS filers to note, the 2 month deadline begins on 1st November, even though the extended date for ROS users is 16 November. In effect then, for someone filing by ROS, the 5% surcharge only applies on returns received between 17th November and 31st December.