Self Assessment Late Payment Charges
Thursday March 2015
As the Self Assessment deadline has now passed; HMRC will be issuing penalty notices to those who did not meet the legal requirement to file their returns on time.
A fixed penalty of £100 will be due for all returns which were outstanding at 31 January 2015. The penalty is no longer reduced where the liability is lower than this or where a repayment is due.
HMRC will also add £10 daily penalties up to a maximum of 90 days where the return remains outstanding after 3 months (30 April 2015).
Finally, a late payment of 5% of the calculated balancing payment will become due on any tax liability unpaid 30 days after the original due date (by midnight on 2 March 2015).
The late payment penalty will not apply to liabilities covered by a time to pay arrangement so it may be beneficial to urgently contact HMRC to arrange a scheduled payment plan for those who cannot at present meet their 2013/14 liabilities.
If you would like further advise, please contact us as soon as possible by calling 01234 355300.
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