If you have missed the tax return deadline for self assessment, you will receive an automatic fine of £100. The key thing now is to make sure you get your tax return filed and any taxed owed paid.
The fines for not paying tax due start after 30 days:
First fine – 30 days – 5% of any tax unpaid
Second fine – 5 months later – Another 5% of any tax unpaid
Third fine – 6 months later – Another 5% of any unpaid tax
So what do I do now?
The first thing to say is don’t panic. If you have missed the tax return deadline, the £100 fine has already been applied so there is not a lot you can do about it (unless you have a reasonable excuse!). The second thing, is to get your return filed as soon as possible – The longer you leave it, the harder it gets to be able to avoid further fines.
If you want some help or guidance – get in touch. Our self assessment tax return service will get your tax return filed quickly and without any hassle.