Penalties for Late Self-Assessment Submissions and Payments

Introduction

Filing your self-assessment tax return on time is crucial to avoid significant penalties from HMRC. Failing to meet deadlines for submission or payment can result in fines that increase the longer you delay. In this blog, we’ll break down the penalties for late submissions and payments for the 2023-2024 tax year, giving you all the information you need to stay compliant and avoid unnecessary costs.

What Happens if You Miss the Self-Assessment Deadline?

When you miss the self-assessment deadline, HMRC automatically applies penalties. Even if you owe no tax, you’ll still face fines for late submission. The longer you delay filing, the greater the penalties.

Initial Penalty for Missing the Deadline

If you miss the 31st January 2024 online submission deadline or the 31st October 2023 paper submission deadline, you will receive an immediate fixed penalty of £100, regardless of whether you owe any tax.

Further Penalties for Continued Delays

If the delay continues beyond three months, additional penalties are applied:

• 3 months late: You will incur an extra £10 per day, up to a maximum of £900.
• 6 months late: A further penalty of 5% of the tax due or £300, whichever is greater.

12 months late: An additional 5% of the tax due or £300, again whichever is greater. In serious cases, penalties could rise up to 100% of the tax owed.