Self Assessment Filing Penalties
The basis of late filing penalties is changing with eefct from the current tax year. In the past, HMRC would issue a £100 fixed penalty for a late submission, with a further £100 fixed penaly after 6 months if the return was still not received. Noew penalties will be chared at a much higher rate, as indicated in the table below.
|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.