If you’ve missed the 31 January deadline for self assessment, at the very least, you are going to have a fine of £100.
The tax year ends on the 5th April and by the following 31 January you must:
- File your Self Assessment tax return
- Pay the tax owing on your Self Assessment tax return
Failure to do either of these can lead to fines and penalties. There are a series of penalties for not filing you return and a separate series of penalties for not paying the tax you owe. It all adds up quickly!
Fines & penalties for late return of Self Assessment
- 1st Feb (return 1 day late) £100 fine from the 1st February.
- 1st May (return 3 months late) £10 a day fine up to a maximum of £900 (90 days) for every day it is late
- 1st Aug (return 6 months late) £300 fine or 5% of the tax owing, whichever is greater
- 1st Feb (return 12 months late) £300 fine or 5% of the tax owing, whichever is greater
Fines & penalties for late payment of tax owing
- 1st March (payment 30 days late) 5% charge on the tax owing on that day
- 1st August (payment 6 months late) 5% charge on the tax owing on that day
- 1st Feb (payment 12 months late) 5% charge on the tax owing on that day
Interest is charged on the tax owing including the amount levied in charges at a rate of 3%.
For more information HMRC provides a useful self assessment penalties breakdown.
