Updated 03 December 2020
Although a record 9.61 million people filed their self assessment tax returns to HM Revenue and Customs (HMRC) on time this year â a 3 per cent year-on-year increase â many thousands of self-employed professionals who missed the 31 January deadline were hit with an instant Â£100 late-filing penalty.
To date, an estimated 650,000 to 850,000 taxpayers are still yet to file their self assessment tax returns for the 2011-12 year. These late returns will be incurring additional daily fines from 1 May; on top of the initial, automatic Â£100 penalty for missing the initial 31 January cut-off.
And persistent delays in filing now lead to additional fines; regardless of how much tax you need to pay. Take a look at the new penalty regime below and bear in mind that they are in addition to one another; not in place.
If you feel you have a valid excuse for missing the self assessment tax return deadline it is important to do the following:
Last year, 300,000 individuals contacted HMRC after the tax return deadline to take themselves out of the self assessment process and therefore avoid the penalty. If you have been issued with a tax return but you believe it isnât required, it is important to contact the self-assessment helpline immediately.