What Happens If My Tax Return Is Late?
Chrissy Leach • 2 December 2024
Self-assessment tax returns for the 2023/24 tax year are due to be filed by 31 January 2025. With busy schedules and unexpected challenges, it’s easy to miss the deadline. If you’re wondering what happens if your tax return is late, this guide will break down the potential consequences and explain how to minimise penalties.
Penalties for late filing
If filed after 31 January - £100 fixed penalty
Missing the deadline immediately triggers a £100 fine, regardless of whether you owe tax or not.
If filed after 30 April - £10 daily penalties
If your tax return is still outstanding after three months, HMRC may charge penalties of £10 per day (up to £900).
If filed after 31 July - £300 minimum additional penalty
If your tax return is still outstanding after six months HMRC can charge the greater of:
- 5% of the tax due, or
- An additional fixed penalty of £300.
If filed after the next 31 January - £300 minimum additional penalty
If your tax return is still outstanding after twelve months, HMRC can charge the greater of:
- Another 5% of the tax due, or
- An additional fixed penalty of £300.
If HMRC assess that you’re deliberately withholding information, charges can increase up to 100% of the tax due.
How to avoid or minimise penalties
- Check your online HMRC account. Even if you don't think you need to file a tax return, if HMRC have issued one, you'll need to file a return or contact HMRC to cancel it.
- Start collating your tax information as early as possible so you can be organised and meet the 31 January deadline.
- File your return as soon as possible. Even if the deadline has passed, submitting your tax return quickly can prevent further penalties from accumulating.
- If you’re waiting for some information, consider filing a provisional return before the deadline.
- You can appeal a penalty if you have a reasonable excuse for filing late, such as serious illness, bereavement, or technical issues with HMRC’s systems. Make sure to provide evidence to support your claim.
Conclusion
Missing the self-assessment deadline can result in costly penalties, but acting quickly can help minimise the impact.
Need help filing your tax return? As experienced accountants, we’re here to make the process simple and stress-free. Contact us today to get started. We'll be closing our doors for the 2023/24 tax year on 16 December 2024 so act now!
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