File late self-assessment returns now to avoid further daily fines
29 April 2016
The self- assessment return deadline was 31 January 2016 and anyone who did not file their return will have been charged a £100 fixed penalty. Further late filing fines kick in on 1 May 2016, when HMRC will charge taxpayers with overdue tax returns £10 per day.
The additional £10 per day penalty can be charged for a maximum of 90 days and so anyone who still has a return outstanding at the end of July will have accumulated fines of £1,000 in total. They are also likely to incur a further penalty of at least £300 if the return is not filed by 31 July 2016.
The Low Income Tax Reform Group (LITRG) is urging anyone who has not yet filed their online self-assessment tax return with HMRC for the year ended 5 April 2015, to do so by the end of this month or risk being charged more money.
“…Those on low incomes who may be struggling to deal with the tax system alone can very easily fall foul of them simply due to being insufficiently aware of their tax obligations.
“Importantly, the fines can be appealed against if you have a reasonable excuse for filing the return late.”