Every year almost 1 million people miss their tax filing deadline.
There are in fact two different penalties if that happens:
|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)|
Total fines for filing a year late: £1,600!
If you owe a tax bill and miss the payment deadline you will have to pay additional fines and interest.
|How late you are||Interest (each gets added to the others!)|
|between 1 day and 30 days||3% interest|
|between 30 days and 6 months||5% interest|
|between 6 months and 12 months||5% interest|
|over 12 months||5% interest|
So paying your tax bill a year late will lead to interest added of over 18%.
That’s on top of the £1,600 for filing late.
Get your self assessment prepared for you online by certified accountants for £119
Our online tax-bot will go over your tax situation and will make sure you won’t overpay your taxes.
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Your certified accountant will go over your details & prepare your tax return for you to review. It will be filed on your behalf once you approve it.
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