TAX PENALTIES AND FINES
If you miss the 31 January deadline, the longer you delay, the more you’ll have to pay.
You could be subjected to the following penalties:
One day late – You’ll automatically receive a £100 fine. This applies even if you have no tax to pay or have paid the tax you owe
Three months late – A fine of £10 for each following day up to a 90 day maximum of £900. This is in addition to the fixed penalty above, so the overall fine could be £1,000
Six months late – A fine of either £300 or 5% of the tax due, whichever is the higher. This will apply on top of the penalties above
12 months late – Another £300 fine or 5% of the tax due, whichever is the higher, will be added to your bill on top of the penalties above.
In serious cases, if you’re more than 12 months late with your tax return, you may be asked to pay up to 100% of the tax due as well as any tax you owe, doubling your payment.
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