Late filing penalties - Personal tax

Introduction: Late filing penalties – Personal Tax

Find below the following Frequently asked question;

What are types of late filing penalties?
What are late filing penalties for personal tax return?
What are the late payment penalties for personal tax return?
What is the interest for paying personal tax late?
What are the tips for reducing late filing penalties?

What are types of late filing penalties?

There are 3 types of late filing penalties;

What are late filing penalties for personal tax return?

Find below HMRC late filing penalties. Technically, there can be unlimited penalties based on the tax bill though.

What are the late payment penalties for personal tax return?

Regardless of the timely filing of your return, if you miss the payment deadline, you will have to pay additional penalties as follows;

What is the interest for paying personal tax late?

If you pay your tax bill late, HMRC will calculate the interest as follows and add it to your late payment penalties.

What are the tips for reducing late filing penalties?

If you have a reasonable excuse for filing your tax return late or paying late, you can appeal against some penalties.
As can be seen above, certain late filing penalties are on daily bases and certain penalties move to the higher percentage bracket after set months. You should therefore file your tax return as soon as you practically can, to avoid the penalties from adding up.
If for any reason, you can not afford to pay your tax bill on time, you can get in touch with HMRC and agree a payment plan.

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