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A penalty of £100 will be imposed where the 2023/24 tax return has not been submitted. This will be payable even if there is no tax due or the tax owed has been paid.
A penalty of £300 or 5% of tax due, whichever is the higher, will be imposed where the 2022/23 return has not been submitted. In serious cases, you may be asked to pay up to 100% of the tax due instead. These are in addition to earlier penalties.
Duncan & Toplis, marketing@duntop.co.uk