Penalties for late self-assessors due to ratchet up

Penalties for taxpayers who missed the January 31st deadline for self-assessment and who still haven’t filed with HMRC will tomorrow ratchet up, as their returns will be three months late.

In fact, accountants are warning the 710,000 people whose SA returns are unfiled that, if they don’t file by May 1st, they run the risk of incurring further fines which can reach up to £900.

Currently, such taxpayers have only been hit with the automatic £100 late filing penalty, but further fines of £10 a day will be levied from Thursday and until Tuesday July 29th.

Additional, steeper penalties from HM Revenue & Customs come into force once this 90-day period expires, and would become payable on top of the fixed penalty of £100.

Accountants say that, at this stage, filing online will be less costly than sending a return in the post to HMRC, as the deadline for such paper returns passed on October 31st 2013.

Apr 30, 2014
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