What Happens if I have submitted My Self Assessment tax return Late?

What Happens if My Self Assessment tax return is Late?

Self-Assessment tax return can be submitted as soon as the period for a particular tax year ends. For example:

  • The tax year starts from 6th April of one year to the 5th April of next year.
  • You can submit your Self-Assessment tax return for that particular year in consideration, the next day it ends i.e from 6th April.

The submission of the self-assessment tax return varies on whether one is submitting a paper-based tax return or doing it online. The last date to submit a paper based self-assessment tax return is by 31st Oct after the tax year ends.
On the other hand, the deadline for the online filing is 31st January following the end of the tax year.

In case the submission for the self-assessment tax return is late, you can get a letter for payment of the penalty for £100 from HMRC.
If there is no action taken by you after getting this penalty letter from HMRC within three months, another penalty of £10/day would be added on for the next three months which raises the penalty up to £900 making a total of £1000.
In case no payment is made to HMRC by you, a further penalty of either £300 or 5% of the tax owed (whichever is higher) will be applied if the submission is 6 months late, and then again at 12 months.

Here is the table which can show the time no action has been taken by you for submission of the self-assessment tax return and the fines put on it by HMRC in addition to the penalties mentioned above.

Late PaymentPenalty
30 days late paymentYour tax bill, plus an additional penalty of 5% of what you owe
6 months late paymentThe above, plus 5% of that amount
12 months late paymentThe above, plus a further 5% of that amount

Yes! If you are having a problem with your self-assessment tax bill payment, you can have a payment arrangement. This is basically a payment plan where you are allowed to make affordable monthly payment to HMRC.

Yes! There is a way where you need reasonable grounds
to appeal for the self-assessment tax return penalty. Although HMRC is quite strict on what penalty they have sent and what has been counted. Its highly on HMRC to look into this and see the grounds on which it has been appealed. It could be some serious illness, suffered bereavement close to the deadline. or you’ve had serious IT problems.

If you are looking for an accountant to help you with your queries related to your business accounts, Call at 020 35765107 or send a message to book a free consultation.

Note: It must be noted that the information provided in all our blogs are solely for the awareness purposes and are designed with the intention to create an ease for the reader to understand the rules and their importance. However, it should never be considered as an ultimate replication of rules. RezEx Accountants (RezEx Ltd) does not own any responsibility for any unpleasant event that may arise due to misinterpretation of a specific part or whole of the information.

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