One Minute Late = £100 Fine! 💰 #podcast #businesstipsforsmallbusinessowners #accounting

Added: 2026-05-29

[00:00:00]If you don't submit it, a tax return by the deadline, yeah, if you're 1 minute late, that's a £100 fine.

[00:00:07]Yeah. And then further down, if you're 3 months late, then then it goes into it's £10 per day for for 30 days. So, that's another £300.

[00:00:18]Yeah. And then it just goes it snowballs then all the time. And if you owe money, then you get an interest of payments on that as well.

[00:00:27]And HMRC will come will come after you.

[00:00:30]They'll chase you.

[00:00:31]>> will. I've had one client who hadn't done their tax return for 10 years. They had to sell their house to pay everything they owed. And then they had to go back over then they start submit their tax returns, 10 tax returns. Mhm.

[00:00:44]Uh and because that that wasn't accurate then, HMRC would estimate what it would be.

[00:00:49]Uh so, it it could well have been uh they could be well have been paying a lot more than what they would if if they paid their tax in time.