Date posted: 14th Apr 2025
If your 2023/24 tax return has not been submitted to HMRC, then you are likely to face £10 daily penalties, if this remains the case from 1 May 2025.
The £10 daily penalties will apply for each day that the tax return remains unsubmitted from 1 May 2025 for the next 90 days.
After that, if the tax return still remains outstanding on 1 August 2025, then a further penalty will be charged based on the higher of £300 or 5% of the 2023/24 tax due. Similar penalties apply the longer that the delay continues.
These penalties are in addition to late payment penalties and interest charged on any tax due. With HMRC late payment interest rates at 8.5%, the sooner you bring your affairs up to date, the cheaper it will be!
It may be that you have a reasonable excuse for the late filing of the tax return. If so, then you can appeal against penalties issued by HMRC. However, be aware that what HMRC decree as a reasonable excuse may not be the same as you, so professional advice may be needed.
As ever, if you any queries, please contact us.
