Haven't submitted your self-assessment tax return for the 2022/23 tax year? You're not alone, but be warned: daily penalties are now in effect. As of 1 May 2024, HM Revenue & Customs (HMRC) is charging a £10 daily penalty for late submissions. This penalty can be charged for a total of 90 days, adding up to a maximum of £900 and applies even if you don't owe any tax or are expecting a refund.
What to Do Now
• File your return online ASAP: This won't erase existing fines, but it will stop further penalties from accruing
• Missing information? File a provisional return: Estimate the missing figures and explain the situation in the return.
• HMRC might have sent you a return in error: If you're no longer self-employed or don't rent out property anymore, contact them. They might cancel the penalty and the return itself, although this is less likely now the filing deadline has passed.
Appealing the Penalty
You can challenge the daily penalty with a valid reason for the delay, such as serious illness or a death in the family. However, common excuses like workload, missing information, or forgetting due dates are unlikely to be accepted.
The key challenge with an appeal is proving a valid reason that covers the entire period from the original filing deadline (31 January) to the penalty imposition date (1 May).
Remember: Don't delay any further. Filing your return and explaining your situation is the best way to minimise potential penalties.
Please contact us if you need help filing a self-assessment tax return.
