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Every year almost 1 million people miss the tax filing deadline and have to pay tax return penalties.
There are three different kinds of tax return penalties:
Total fines for filing a year late start at £1,600 but can technically be unlimited – it all depends on how large your original tax bill was:
| How late you are | Fine (each gets added to the others!) |
|---|---|
| between 1 day and 3 months | £100 flat fine |
| between 3 months and 6 months | £10 each day |
| between 6 months and 12 months | £300 flat or 5% of your tax bill (whichever is greater) |
| over 12 months | £300 flat or 5% of your tax bill (whichever is greater) |
If you owe a tax bill and miss the payment deadline you will have to pay additional fines:
| How late you are | Late payment penalty |
|---|---|
| between 1 day and 30 days | 0 |
| between 30 days and 6 months | 5% of your tax bill |
| between 6 months and 12 months | another 5% |
| over 12 months | and another 5% |
This is calculated yearly, and it is (how else) added to your other penalties as well:
| Period in which you were late | Annual interest rate |
|---|---|
| Current | 5.25% |
| Since 21 February 2023 | 6.5% |
| 7 January 2022 – 20 February 2023 | see full list here |
| 7 April 2020 – 6 January 2022 | 2.6% |
| 21 August 2018 – 6 April 2020 | 3.25% |
| 21 November 2017 – 20 August 2018 | 3% |
| 23 August 2016 – 20 November 2017 | 2.75% |
| 29 September 2009 – 22 August 2016 | 3% |
| before 29 September 2009 | see the full list here |
Take this quiz to find out if you know it all or if you need to brush up on your deadlines and penalties (so you can make them and avoid them, respectively).
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