28th February 2024Late to file? Navigating the self-assessment tax return penalties

According to HMRC, a record 11.5 million people submitted their tax return in time for the 31 January deadline. However, it is estimated that 1.1 million individuals still need to complete their self-assessment.

If you missed the deadline, Trusha Shah, Tax Manager at HW Fisher outlines what’s next.

“Last year more than 600 thousand people missed the tax return deadline. This year’s figure is nearly double that amount. If you are one of the people that still need to complete their self-assessment, we advise that you do so as soon as you can. While you will have to pay a fixed late penalty of £100, there are additional penalty milestones to be aware of that will make for a heftier fine. The next deadline is 1st May 2024, where an extra penalty of £10 per day will apply up to 90 days.”

HW Fisher’s 2024 calendar: late filing penalties for 2022/2023 tax returns

HMRC will issue a late filing penalty notice if the self-assessment tax return is submitted late. The penalty will apply as follows:

 Deadline  Late Filing Penalty
 Missing the filing deadline (from 31/01/2024)  Fixed Penalty: £100 per return
 3 months late (from 1/5/2024)  Daily penalty £10 per day for up to 90 days (max £900)
 6 months late (from 31/7/2024)  5% of tax due or £300, if greater.
 12 months late (from 31/01/2025­­)

 5% or £300 if greater, unless the taxpayer is held to be   deliberately withholding information that would enable   HMRC to assess the tax due.

 Reductions would apply based on circumstances, and   voluntary disclosures.  Please contact HW Fisher should you   need further assistance.


Remember, there is an appeal process should there be a reasonable excuse as to why the return was filed late, but keep in mind that HMRC will likely request evidence to support the claim.

Late payment penalties – Please ensure any unpaid tax is paid by 29 February 2024, or else there will be a late payment penalty charged at 5% of the tax due. This would increase further at 6-month and 12-month intervals.  Interest on late payments will apply on the number of days the payment is late. The current rate is 7.75%.

Similar penalties apply to Capital Gains Tax (CGT) reporting

For individuals disposing a UK property with a capital gain, please note that a CGT return needs to be submitted and any tax paid within 60 days of completion. For non-resident individuals investing in UK property, the same applies regardless of a capital gain or loss arising on disposal.

To discuss specific circumstances or for more detail on deadlines and dates, please get in touch.

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