If this company fails to digitally file their Company Corporation Tax by the 13 Feb 2021 HMRC will apply the following penalties:
Missing Deadline by | HMRC Applied Penalty |
1 day | Automatic £100 |
3 Months | Another £100 |
6 months | HM Revenue and Customs (HMRC) will estimate your charagable Corporation Tax and add a penalty of 10% the unpaid tax.This is called a 'tax determination'. You cannot appeal against it. |
12 months | Another 10% of estimated unpaid Tax |
If your tax return is late 3 times in a row, the £100 penalties are increased to £500 each. |