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A late filing penalty is a fee charged by HMRC if you file your tax return late. As you might expect. The penalty varies depending on whether you’re a sole trader or whether you run a limited company.
We’ll focus here on the penalties for sole traders, but take a look at the below table if you’re a limited company.
|How late are you?||Penalty|
|Up to 1 month||£150|
Here are a few important things to bear in mind when it comes to paying your Self Assessment tax return:
The late penalty starts at £100 if you’re a day late and it can increase all the way to £1,600 for a whole year.
Take a look at our late tax penalty calculator to get an estimate of how much you might have to pay.
Be aware that you are allowed to appeal a fine with HMRC, but you need a good reason to do so. That can be anything from:
As a sole trader, here are the deadlines that you should put into your diary to stay on top of things when it comes to paying your taxes:
If you’re filing your 2019/20 tax return, HMRC announced a payment update on 25th January 2021. Take a look at what’s changed here to see how the temporary deadline conditions might affect you.