How much are the penalties for missing the self-assessment deadlines?

Filing your Self Assessment tax return late can lead to significant penalties from HMRC, which inevitably increase the longer the return remains outstanding, making it extremely important for taxpayers to meet the annual deadline and pay any tax they owe on time.

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Initial £100 Late Filing of Taxes Penalty

If you miss the Self Assessment filing deadline, HMRC will immediately issue an initial fixed penalty of £100. This charge applies even if you have no tax to pay or if the tax due has actually already been paid in full. The penalty is triggered by the system automatically as soon as the return becomes overdue.

Additional Daily Penalties After Three Months

Once the tax return is more than three months late, further penalties begin to add up. HMRC charges £10 per day for up to 90 days, which means taxpayers could face additional penalties of up to £900 on top of the original £100 late fine.

To avoid these increasing penalties, use Worcester accountants like randall-payne.co.uk/services/accountancy/worcester-accountants to help organise your accounts and tax bill.

Six-Month Penalty Charges

If the return is still unfiled after six months, HMRC gives you another penalty – calculated as 5% of the tax owed or £300, whichever amount is the higher of the two.

Twelve-Month Penalty Charges

After twelve months, another penalty is added to your bill. Taxpayers must pay a further 5% of the outstanding tax liability or £300, whichever is higher. In serious cases where HMRC believes information has been deliberately withheld, even higher penalties may apply.