UK to Double Corporate Tax Late Filing Fees, Consult on Approach

The UK government said it will crackdown on companies submitting corporate tax filings late and aim to modernize the reporting system as part of its budget.

The Labour government plans to double the penalty against corporate taxpayers who submit late filings from the next tax year, starting April 1, it said Wednesday.

From next year, companies will now face a £200 ($264) penalty if they miss the deadline on corporation tax payments, which will rise to a £400 fine if they are three months late.

The penalty for three successive failures to return filings on time will also ...