Stay Compliant: Key Filing Dates

Complying with tax and accounting obligations is essential to keeping any business in Gibraltar in good standing. As the deadline for filing accounts for the financial year ending June 2024 (March 31, 2025) approaches, it is crucial to ensure everything is in order to avoid penalties and additional surcharges.

Penalties for Failing to File a Tax Return

Failing to file a tax return can result in penalties based on company size:

• Micro or Small Businesses:
  • After the due date: £100
  • 3 months late: £450
  • 6 months late: £750
• Medium Businesses:
  • After the due date: £750
  • 3 months late: £1,250
  • 6 months late: £2,000
• Large Businesses:
  • After the due date: £1,500
  • 3 months late: £3,500
  • 6 months late: £5,000

Surcharges for Late Corporate Tax Payment

In addition to penalties for late filing, additional surcharges apply if corporate tax is not paid on time:

• 9 months after the end of the financial year: A 10% surcharge on the outstanding corporate tax balance.
• 90 days after the 10% surcharge: An additional 20% surcharge on the total balance due (including tax and the first surcharge).

Companies House Penalties

Businesses must also file their accounts with Companies House. Late submissions are subject to the following penalties:

• Filing fee: £25
• First penalty: An additional £175 if accounts are not filed within 13 months after the financial year-end.
• Second penalty: An additional £125 if accounts are not filed within 24 months.

How to Avoid These Fines and Surcharges?

1. File your accounts on time: Ensure compliance with the March 31, 2025, deadline.
2. Make corporate tax payments promptly: Avoid surcharges by settling any outstanding balance within 9 months after the financial year-end.
3. Consult with experts: At TAG, our accounting and tax team is ready to assist you with the preparation and submission of your accounts, ensuring compliance and avoiding penalties.

Need Assistance?

If you require help with the preparation and filing of your accounts, our team of experts is available to guide you through the process efficiently.

Contact us today:

• ✉ Email: info@tag.gi
• 📞 Phone: +350 225 01252
• 📲 WhatsApp: +350 540 01546

Don’t let fines and surcharges affect your business. At TAG, we are here to ensure your company meets its obligations efficiently and without hassle.