Feb 25
Self Assessment Late Filing Penalties
Now that the Self Assessment deadline has passed; HMRC will begin issuing penalty notices to those who did not meet the legal requirement to file their returns on time.
A fixed penalty of £100 will be due for all returns which were outstanding at 31 January 2015. This penalty is no longer reduced where the liability is lower than this or where a repayment is due. HMRC will also add £10 daily penalties up to a maximum of 90 days where the return remains outstanding after 3 months (30 April 2015).
A late payment penalty of 5% of the calculated balancing payment will become due on any tax liability unpaid 30 days after the original due date (by midnight on 2 March 2015).


