Did you know that you will be liable to a 5% penalty in addition to interest charges if your tax is paid more than 30 days late?
Now that the 31 January 2020 deadline for filing your 2019/20 Self Assessment tax return has passed, don’t forget that HM Revenue & Customs (HMRC) will charge interest at 3.25% on any tax paid late.
In addition to the 3.25% interest charges, if your tax is not paid before the 1 March 2020, HMRC will charge an extra 5% penalty of the tax outstanding at this date.
We have detailed all the fines and penalties for late tax return submissions here.
If you are unable to pay your tax, you may be eligible to enter into a Time To Pay arrangement with HMRC. In this case, penalties can be suspended and potentially cancelled if the arrangement is adhered to. We can help you to file this.
Do you need help with your tax return?
In exceptional circumstances, if you have a reasonable excuse as to why your tax return has been filed late, you may be able to appeal against penalty charges. Ellacotts can appeal against these charges on your behalf and we have recently been able to save our clients £1,600.
HMRC take missing the deadline very seriously and will fine you for every day you are late completing your Self Assessment tax return. The earlier you get in contact with us means we can file it as soon as possible. This will mean that we can minimise the fines and interest that you could accumulate.