Don’t incur self assessment penalties
Anytime accountants help you manage your tax and finances
Have you filed your tax return
Have you paid all the tax you owe
Please don’t bury your head in the sand if your returns or payment are late. There are separate penalties for making a late return and for late payment of taxes due. If you are late with both the return filing and the tax payment due, you will be liable for penalties and charges on both.
You probably know that if you missed the 31 January Self Assessment deadline, you will automatically be fined £100. But if you delay another 3 months the fine goes up to £10 per day.
You get charged interest if you pay late, currently 3%, but after 30 days you are also charged a 5% penalty based on the amount outstanding. If you don’t pay then you could incur a further 5%!
Penalties for Late Payment of Tax Due
| Trigger date | Penalty |
| Unpaid by midnight 2 March 2019 | 5% charge on the tax owing on that day |
| Unpaid by midnight 1 August 2019 | 5% additional charge on the tax still due on that day |
| Unpaid by midnight 1 February 2020 | 5% further additional charge on the tax outstanding |
Penalties for Late filing of Self Assessment Return (regardless of whether tax owing or not)
| Trigger date | Penalty |
| Missed filing deadline: 31 Jan 2019 | £100 |
| Unfiled after 3 months: deadline 30 April 2019 | £10 per day for 90 days |
| Unfiled after 6 months: deadline 31 July 2019 | Greater of 5% tax due and £300 |
| Unfiled after 12 months: deadline 31 Jan 2020 | Greater of 5% tax due and £300* |
*12 months late AND taxpayer deliberately withholds information, based on behaviour:
• deliberate and concealed withholding 100% of tax due, or £300 if greater.
• deliberate but not concealed 70% of tax due, or £300 if greater.
Reductions apply for prompted and unprompted disclosures and telling, giving and helping.
So please don’t ignore this. Deal with it now. As you can see now, if you do not act the costs will escalate very quickly. If you can’t pay – don’t delay either. HMRC will normally accept a payment schedule – but you must not wait.
Anytime is here to assist, quickly and efficiently. We are a member firm of the Institute of Chartered Accountants. Whatever you need – speak to us. We should always be able to point you in the right direction.
There are many ways of planning your future and saving tax. Please remember that each individual’s circumstances will be different and therefore you should take personalised advice before making any decisions.
As specialist accountants Anytime keep our clients informed and help manage their finances.
For further advice existing clients email us at support@anytime.uk.com or call 03333 110 230
For new enquiries contact us or call now on 03333 110 103
