Self-Assessment Tax Returns: Penalties Explained

We are now nearly a month past the Tax Return filing deadline.
If you missed the deadline for submitting your Return or paying your bill you will get a penalty.

You’ll get a penalty of £100 if your tax return is up to 3 months late. You’ll have to pay more if it’s later;

3 months late:- £10 for each additional day (capped at 90 days), plus  the £100 initial fine – maximum of £1,000

6 months late:- Either £300 or 5% of the tax due (whichever is higher), on top of the penalties above

12 months late: An additional £300 fine, or 5% of the tax due, plus the above penalties. In the most serious cases, you may be fined 100% of the tax due.

You could also face the following penalties if you pay late:

After 30 days: a charge equal to 5% of the tax outstanding,

After six months (31 July): a further 5%.

After 12 months (31 January the following year): an additional 5%.

These charges are separate, and in addition to, any charges for filing your tax return late.

If you have a reasonable excuse, you may be able to appeal against a penalty, find out more on the HMRC website.