Late tax returns: what happens if i miss the deadline?

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%.

Need help? Speak to one of our experts on 0800 690 6355 or arrange a free consultation.

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