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Penalties if you missed the filing deadline

1 February 2024

Missed the 31 Jan 2024 self-assessment deadline? Face £100 penalty (up to 3 mo). After 1 May, daily charges up to £900. Further penalties at 6 & 12 mo. Act fast, appeal within 30 days with genuine excuses. Contact HMRC proactively for payment issues.

Have you missed the 31 January 2024 filing deadline for your 2022-23 self-assessment return?

If you have missed the filing deadline, then you will be charged a £100 fixed penalty if your return is up to 3 months late. Regardless of whether you owed tax or not. If you do not file before 1 May 2024 then you will face additional daily penalties of £10 per day, up to a maximum of £900 unless you have arranged to pay HMRC.

In the instance that your tax return is still outstanding after 6 months, a further penalty of 5% of the tax due. Alternatively a penalty of £300 may be incurred, depending whichever is greater will be due. And again after 12 months, another 5% or £300 charge, whichever is greater.

There are also additional penalties for paying outstanding tax late. These are 5% of that unpaid at 30 days, 6 months and 12 months. Interest will also be charged on any tax paid late.

You can appeal against any penalties that have been issued by HMRC if you have a reasonable excuse. However, you need to act fast. The excuse must be genuine and HMRC can of course ask for evidence to support any claim. An appeal must usually be made within 30 days of receipt of the penalty.

If you do not have the necessary funds to make any payments due, you should be pro-active and contact HMRC as soon as possible. Pretending the problem does not exist will not make the problem go away and will likely make matters worse.

Source: HM Revenue & Customs Tue, 30 Jan 2024 00:00:00 +0100

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