Don’t get caught out by the £10 a day self-assessment fines

Don’t get caught out by the £10 a day self-assessment fines

From 1 May 2024, anyone who has not yet filed their overdue self assessment tax returns for 2022-23 will face an additional late filing penalty of £10 per day, up to a maximum of £900.

This is in addition to the £100 late filing penalty for missing the deadline for filing self-assessment tax returns by 31 January 2024, for which it is estimated 1.1 million taxpayers did miss the deadline this year, giving HMRC a tidy £110m in revenue.

Additional penalties are also charged for late payment of the tax due – 5% of the tax due at 30 days, 6 months, and 12 months – along with interest charged on the unpaid tax at 7.75%, the highest rate in over 20 years.

It is now crucial to file any outstanding self assessment tax returns or to contact HMRC to discuss your situation and put in place a payment plan.

If you need assistance to file any outstanding self assessment tax returns, please get in touch with us here at Kennedys Accounting – we are always happy to help and agree a set fee with you to complete the work required.