Monday 5th August 2024
Self-Assessment Deadlines and Penalties
Missed Submission Deadlines:
1 Day Late: £100 Penalty
3 Months Late: £10 Daily penalties, up to a maximum of £900
6 Months Late: Additional £300 or 5% of the tax due, whichever is greater.
12 Months Late: Further £300 or 5% of the tax due, whichever is greater.
Missed Payment Deadlines:
30 Days Late: 5% of the tax unpaid at that date.
6 Months Late: An additional 5% of the tax unpaid at that date.
12 Months Late: Another 5% of the tax unpaid at that date.
PAYE and National Insurance Late Payment Penalties
First Late Payment:
No penalty for the first late payment in a tax year, unless the payment is more than six months late.
Subsequent Late Payments:
1-3 Late Payments: 1% of the amount that is late.
4-6 Late Payments: 2% of the amount that is late.
7-9 Late Payments: 3% off the amount that is late.
10 or more Late Payments: 4% of the amount that is late.
Additional Penalties:
Payments more than 6 months late: An additional 5% of the unpaid amount.
Payments more than 12 months late: Another 5% of the unpaid amount.
VAT Missed Payment Penalties
If you miss a VAT payment deadline, you enter a 12-month surcharge period. If you default again during this period, you may be liable to a surcharge on the VAT due.
First Default: No surcharge, but you receive a surcharge liability notice.
Second Default (within 12 months): 2% of the VAT due.
Third Default (within 12 months): 5% of the VAT due.
Fourth Default (within 12 months): 10% of the VAT due.
Fifth Default (within 12 months): 15% of the VAT due.
Penalties for Late Filing:
Late Filing Penalty: A fixed £200 penalty applies if you reach the penalty points threshold and then miss another deadline.
Interest: HMRC charges interest on late payments from the date the payment was due until it is received.
Corporation Tax Penalties
Late Filing Penalties:
First Time Late: If you file your corporation tax return late, you'll face an initial penalty of £100.
Repeated Late Filing: If you file late three times in a row, the penalty increases to £500 for each late filing.
Further Delays:
3 Months Late: If your return is more than three months late, you will face an additional penalty of £100.
6 Months Late: If your return is more than six months late, HMRC will estimate your corporation tax bill and add a penalty of 10% to the unpaid tax.
12 Months Late: If your return is more than twelve months late, a further 10% penalty is added to the unpaid tax.
Late Payment Penalties:
Interest on Late Payments: Interest is charged on unpaid corporation tax from the day after the tax is due until it is paid.
Late Payment Penalty:
After 6 Months: A penalty of 5% of the unpaid tax is charged.
After 12 Months: An additional 5% penalty of the unpaid tax is charged.
Continued Delay: Further penalties may be applied if the tax remains unpaid after 18 and 24 months.
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