Self assessment penalty regime
We would like to draw to your attention the penalties for late filing of Tax Returns and late payment of income tax. Please see the following link to HMRC guidance in this matter.
All tax payers who file their Tax Return after the filing date of 31 January will receive an automatic £100 late filing penalty. This will be charged regardless of whether the tax payer has settled all of the tax due per their return and even if the tax payer is actually due a repayment of tax.
Additionally, if the failure persists tax payers will receive a penalty of £10 per day for up to 90 days after the filing deadline. If the Tax Return remains outstanding up to six months after the filing deadline the higher of 5% of the tax liability or £300 will be charged.
If the failure persists for over 12 months a further tax geared penalty will be charged.
Please note that each penalty is separately charged, so a tax payer could receive all of the above penalties is their Return is outstanding for 12 months.
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