Have you been issued a penalty notice from HMRC for not filing your corporate tax returns? Worry not. You may still be exempt from late filing penalties if you are victim to a valid, excusable reason. In the UK, companies have to file their corporate tax returns in iXBRL format within 12 months after the end of the accounting period or within 3 months after the notice from HMRC. HMRC allows appeal for penalties for late returns, in the case of a reasonable excuse; they want to extend leniency to people affected by genuine reasons while simultaneously preventing deliberate fraud.
If the tribunal or HMRC agrees that you have a reasonable excuse, the whole penalty is waived. Here is a list of subjects that are considered valid reasons or reasonable excuses:
There are also a few reasons that have been rejected in previous years. The following are some excuses that HMRC does not consider valid:
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