Will you Receive a Late Tax Return Fine/Penalty HMRC 2023/24

Do you meet the criteria to complete a self assessment tax return ?

Self assessment
Were you self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on) ?
Were you a partner in a business partnership ?
Did you receive any income from savings, investments and £10,000 dividends ?
Did you have a total taxable income of more than £100,000 ?
Did you receive any foreign income ?
Did you receive any tips and commission ?
Did you have to pay the High Income Child Benefit Charge ? (Did you earn an income over £50,000)
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How much is the fine from HMRC for late tax return?

The penalties for late submission of a tax form are structured as follows: A £100 fine is imposed immediately upon missing the deadline. If the return is 3 months overdue, a daily charge of £10 is applied, up to a maximum of 90 days. For returns that are 6 months late, a penalty is levied, which is either £300 or 5% of the tax due, whichever is greater.


What happens if your tax return is late UK?

If your tax return is up to 3 months late, you will incur a late filing penalty of £100. Additional charges apply for returns filed later than 3 months or if you delay in paying your tax bill. Moreover, interest will be charged on any late payments.


Will HMRC waive late filing penalty?

If HM Revenue and Customs (HMRC) or the Tribunal acknowledges that you have a “reasonable excuse” for late filing, the entire penalty may be waived. It’s important to note that the ‘reasonable excuse’ needs to be valid for the entire duration starting from the missed filing deadline until just before the actual submission of the return.


How late can you file a tax return UK?

Typically, your Tax Return should be filed with HM Revenue and Customs by 31 October following the end of the tax year (5 April) if you are submitting a paper return, or by 31 January following the tax year end if you opt for online filing.




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