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There are two things certain in life: death and taxes.
But unlike the former, taxes have a fixed deadline.
(Sorry if that’s a bit morbid, folks…)
Of course, it’s easy to get dates and deadlines muddled up – after all, we all have busy lives to lead.
If you’ve filed a Self Assessment tax return but you’re late in paying it, you might be wondering if you can pay after the deadline. We’ll explain everything you need to know below.
Let’s refresh your memory real quick.
Self Assessment is basically the way that you declare and pay your taxes to HMRC. You tell them about your untaxed income and they’ll calculate the bill you owe. There are various reasons that you might have earned untaxed income, such as:
Once you receive your bill from HMRC, you need to pay the tax you owe before the deadline. Otherwise, you could land in hot water with HMRC!
Think you know all there is to know about dates, deadlines and penalties? Click the button below to take our fun and funky tax penalties quiz.
(OK, it’s neither fun nor funky, but it is a quiz).
There are two key deadlines that you need to know about for tax returns.
But what happens if you miss these deadlines? Can you pay after the deadline?
Technically, yes – if you miss the 31st January deadline, you can still pay your tax return bill after this date.
However, paying late comes with consequences. HMRC have a deadline for a reason, you know?
Failing to submit
There are two fines that HMRC can dish out if you’re late on the Self Assessment deadline. It may come as a surprise to hear that the penalty for forgetting to file for Self Assessment is just as strict.
Anyone who is required to file a return, but misses the deadline, will receive an automatic £100 penalty from HMRC – and this is imposed regardless of whether you owe tax or not!
For every day you’re late, an additional fine will be added on top of that flat £100 penalty.
|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)|
How much will you pay in penalties if you’ve filed but just forgotten to pay your tax bill before 31st January?
|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%|
On top of these fines, you’ll also pay interest on any late payments:
|Period in which you were late||Annual interest rate|
|Since 21 Feb 2023||6.5%|
|Between 24 May 2022 – 20 February 2023||see full list here|
|5 April 2022 – 23 May 2022||3.25%|
|7 April 2020 – 4 April 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|
So the moral of the story? Don’t forget to pay your taxes before the deadline!
Can you pay taxes after the deadline in the UK? Yes of course, but to avoid paying hefty fines, we recommend you get your taxes sorted before 31st January. At TaxScouts, we offer hassle-free tax returns for £149, all in! Get in touch to see how we can help you.
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