For those who are self-employed, self-assessed or in a business partnership, it’s almost that time of year where you must submit your tax return online.
The HMRC will start the late filing penalties if you have not submitted and paid your tax liability by the 31st of January, so don’t delay!
To get you moving, we have outlined the fines below, as only too often individuals have no tax bill to pay but because they have not completed a self-assessment in time are still liable to pay £1000 in fines…
We want to highlight these fines so that you are aware and can get yours submitted in the nick of time, ignore at your peril!
HMRC Late filing penalties:
| Late filing | Late payment | Penalty |
| Missed filing deadline | £100 | |
| 30 days late | 5% of tax due | |
| 3 months late | Daily penalty £10 per day for up to 90 days (max £900) | |
| 6 months late | 5% of tax due or £300, if greater | |
| 6 months late | 5% of tax outstanding at that date | |
| 12 months late | 5% or £300 if greater, unless the
taxpayer is held to be deliberately withholding information that would enable HMRC to assess the tax due. |
|
| 12 months late | 5% of tax outstanding at that date | |
| 12 months & taxpayer deliberately withholds information | Based on behaviour:
· deliberate and concealed withholding 100% of tax due, or £300 if greater. · deliberate but not concealed 70% of tax due, or £300 if greater. Reductions apply for prompted and unprompted disclosures and telling, giving and helping. |
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