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 HM Revenue & Customs have announced a large increase in penalty charges for late submission of your self assessments. Outlined below are the new amounts and time scales.

Penalties for missing the tax return deadline

Length of delay

Penalty you will have to pay

1 day late

A fixed penalty of £100. This applies even if you have no tax to pay or have paid the tax you owe.

3 months late

£10 for each following day - up to a 90 day maximum of £900. This is as well as the fixed penalty above.

6 months late

£300 or 5% of the tax due, whichever is the higher. This is as well as the penalties above.

12 months late £300 or 5% of the tax due, whichever is the higher.
In serious cases you may be asked to pay up to 100% of the tax due instead.
These are as well as the penalties above.

To find out more contact us or visit the HMR&C web site.              Back to Self Assessment page >>