A fine is a tax for doing something wrong. A tax is a fine for doing something right." Anonymous

IT consultant beware of penalties charged by HM Revenue & Customs

• If VAT returns are submitted late to HM Revenue & Customs, a surcharge is calculated as a percentage of the VAT that is unpaid for the accounting period covered by the return.
• The rate of surcharge will then increase progressively to 5%, 10% and 15% within the surcharge period.

IT consultant beware of fines and penalties charged by the Registrar of Companies that apply to

• Failure to file accounts is a criminal offence.
• This can result in directors being fined personally in the criminal courts and the company can suffer a penalty of up to £1,000.

IT consultant beware of penalties-Corporation Tax
The penalty figure will normally be a percentage of the tax underpaid or paid late.
It could be 100% of the tax.

IT consultant beware of penalties-Income Tax - Under Self-Assessment

• There is a deadline for getting the tax return back to HM Revenue & Customs.
• Fixed penalties of £100 will be imposed automatically if you do not meet this deadline.
• In addition to the above you may suffer a penalty of up to £60 a day, over and above the penalty based on the amount of tax you owe for the year.
• If a P11D(b) form is submitted late then the company will incur penalties of £100 per month until the P11D(b) is submitted.

You need a good accountant to make sure that you stay clear of penalties