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Self Assessment Penalty: What happens if you miss the Self Assessment Tax Return Deadline?

The 31st of January deadline is fast approaching. Here are the details of HMRC’s Self Assessment Penalty scheme.

The amount of the penalty depends on how late the Tax Return was submitted:

1 Day Late

You must pay a £100 penalty. (It doesn’t matter if you have no tax to pay!)

Up to 3 Months Late

On top of the £100 (for day one), you have to pay £10 for each following day up to a maximum of £900, that’s 90 days.

6 Months Late

On top of the penalties above, you then have to pay £300 OR 5% of the tax due. You’ll have to pay whichever amount is higher.

12 Months Late

On top of the penalties above, you then have to pay £300 OR 5% of the tax due. You’ll have to pay whichever amount is higher.

The HMRC also says that in serious cases you be asked to pay up to 100% of the tax due instead.

If a Partnership return is submitted after the deadline, then EACH partner will have to pay the penalities.

It’s important to remember that you can appeal against the penalties if you feel (and can prove) that you have a reasonable excuse for submitting your SATR late.

Here are the HMRC guidelines on how to appeal against a Self Assessment Penalty.

Unsure whether you need to submit a return? See our blog post Self Assessment Tax Return.

Contact us for more information on Self Assessment Penalty 020 8780 2349

This blog is a general summary. It should not replace professional advice tailored to your specific circumstances.

 

 

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