Most also ensure they pay, or organise the payment, of tax owed. However, some aiming to pay their tax on Friday may have faced greater stress as a result of IT problems at Barclays.
While that may have caused frustration and some panic, most would not need to pay the tax until the start of March, so would not be fined as a result – assuming they completed the self-assessment process on time.
For those who missed the deadline, the financial penalties include:
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An initial £100 penalty, even if there is no tax to pay
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Additional daily penalties of £10 a day after three months, up to a maximum of £900
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After six months, a further penalty of 5% of the tax due or £300, whichever is greater
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After 12 months, the higher of another 5% of the tax due or £300 charge
“I’m urging anyone who missed the deadline, to submit their return as soon as possible to avoid any further penalties,” said Myrtle Lloyd, HMRC’s director general for customer services.
There are also fines for late payment of the tax owed, with interest added on top.
Appeals against a fine can be made either by filing in a form or by writing a letter to HMRC, but a self-assessment must have been completed before making an appeal.
Source:
www.bbc.com
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