Will I be fined for missing the self-assessment tax return deadline?

TAXPAYERS face a hefty fine if they don’t submit their self-assessment tax returns before the deadline.

Brits have to fork out and pay a £100 late filing penalty if their tax return is not completed on time.

1

The hard deadline for filing tax returns for this year is Tuesday, January 31.

And late filing fees will begin to apply from Wednesday, February 1.

If it takes you longer than three months after the deadline to apply, you’ll be liable for more charges.

You’ll also face extra charges for paying any taxes owed late.

If you find yourself in that position, we explain the charges you might face.

What are the late filing fines?

HMRC charges anyone who files their self-assessment tax return late from the first day after the deadline.

There’s an immediate £100 penalty fee.

You’ll then be charged an additional £10 charge for each day the return isn’t filed after three months.

The daily charges are capped at 90 days, so the maximum penalty is £900 – plus the £100 initial fine, a total of £1,000.

However, if you’re six months late, there’s a further fine of £300 or 5% of the money you owe – whichever is higher.

That’s on top of the daily £10 charges built up so far.

And after 12 months, another £300 or 5% fine is added.

If you have deliberately not filed your tax return, you could be hit with a fine of up to 100% of the tax due.

How do I fill out the self-assessment tax return?

Before you can complete and submit your tax return, you’ll need to have a unique taxpayer reference (UTR) and activation code from HMRC.

This can take a while to receive, so if it’s the first time you’re completing a self-assessment, make sure you register online as soon as possible.

To sign in or register visit the “Self Assessment tax return” section of HMRC’s website.

If you’ve already signed up for self-assessment, you can find your UTR on relevant letters and emails from HMRC.

HMRC accepts your payment on the date you make it, not the date it reaches its account – including on weekends.

If you need to change your tax return after you’ve filed it, you can do so within 12 months of the original deadline or you can write to HMRC for any changes after that.

Filling in your tax return can seem daunting, but with our step-by-step guide you’ll have it sorted in no time.

This post first appeared on thesun.co.uk