Date posted: 23rd Jul 2024
The deadline for filing your 2022/23 self assessment tax return was 31 January 2024.
If you have still not filed the tax return, there will be significant late filing penalties to pay to HMRC, once the tax return has been submitted to HMRC.
In addition to the immediate £100 late filing penalty, daily penalties of £10 will be charged for every day that the tax return is outstanding between 1 May 2024 and 31 July 2024. In addition, a further late filing penalty is due where the return is filed on or after 1 August 2024 – this is the higher of £300 or 5% of the 2022/23 tax due.
In addition to late filing penalties, there are late payment charges related to the tax due as well as late payment interest.
It may be possible to appeal any penalties for non-compliance if you have a reasonable excuse for the late submission of your tax return. We have significant experience in appealing such penalties and would be happy to help.
If you are behind in your tax compliance affairs and need assistance to bring your tax returns up to date, please contact us.
