Following the tax return filing deadline, HMRC believe that almost 1 million people missed the filing deadline. Other than in some special circumstances, this will leave them facing a £100 late filing penalty. If still unfiled after three months (30 April 2020) then daily penalties of £10 per day up to a maximum of £900 will also apply. If still unfiled after 6 months, an additional penalty of 5% of tax due or £300 if greater will be due . A final 5% penalty can apply after 12 months.
If you are late, don’t panic! You should aim to complete your tax return as soon as possible to limit penalties. Also consider making an estimated tax payment to limit interest and penalties in respect of late payment (which are in addition to the late filing penalties).
We are happy to assist anyone with filing a late tax return, so please get in touch if you need any help.