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what has to be entered on a self assessment tax return

The cost of late tax payments and late filing a self assessment tax return

The cost of late tax payments and late filing a Self Assessment Tax Return

Many contractors will be relieved that they have filed their 2011-12 Self-Assessment Tax Returns before the final deadline date of 31 January 2013. Others may be in the position of not having filed their return within this time and they will incur penalties from HMRC as a result.

It’s important to note that the deadline date is not only the deadline for actually filing the tax return, it’s also the date to pay any tax for the previous year along with your first payment on account for the next tax year.  Penalties apply to both late filing and late payment so you could potentially end up with an additional bill if you’ve filed but still not paid.


Penalties for late payment of tax due

If the deadline for paying tax due is missed, interest will be charged daily from the due date of 31 January 2013. The interest rate charged is variable; the latest figures appear on the HMRC website.

If the tax remains unpaid by 28 February 2013 a 5% surcharge will also be applied to your bill.

If any tax still remains unpaid by 31 July 2013 a further 5% surcharge will added to the outstanding amount.


Penalties for late filing of a tax return

Missing the deadline date for filing a paper or online tax return for 2011-12 will incur the following penalties from HMRC

  • An automatic penalty of £100 is applied to all returns filed after the deadline date, even if no tax is actually due.
  • If the return is filed three months late a penalty of £10 a day will be applied. This is payable up to a maximum of 90 days. This amount will be owed in addition to the £100 automatic penalty described above.
  • If the return is filed six months late, the penalty will be the higher of:  5% of the total tax owed or £300.  This will be payable on top of all of the penalties described above


This blog has been prepared by Intouch Accounting. While we have made every attempt to ensure that the information contained in this blog has been obtained from reliable sources, Intouch is not responsible for any errors or omissions, or for the results obtained from the use of this information. This blog should not be used as a substitute for consultation with professional accounting advisers. If you have any specific queries, please contact Intouch Accounting.