You'll need to submit your Self-Assessment tax return by 31st January. With the deadline fast approaching, here's what will happen if your submission is late.
If your Self-Assessment submission is received after midnight on 31st January, you will be liable to penalties. These penalties increase by the day, so it's important to get your return in quick!
1 day late
HMRC will issue you with a £100 penalty
Up to 3 months late
Not only will you still have the £100 fine, but you will be charged £10 a day for up to 90 days - a maximum total of £900!
6 months late
On top of the above penalties, you will also have to pay either £300 or 5% of your tax bill - whichever amount is higher
12 months late
You'll have to pay an additional £300 / 5% tax due as well as the above penalties
In addition to the penalties for submitting your tax return late, you will also be charged interest for not paying your tax bill on time. The interest rate is currently 3.25%.