Posted by Nick Day on 07 Nov 2014

Self Assessment Penalties for Tax Year Ended 5 April 2014

Self-assessment tax returns (form SA100) for the year ended 5 April 2014 need to be submitted to H M Revenue & Customs (HMRC) no later 31 January 2015. The returns will need to be filed electronically as the date for submitting returns in paper copy passed on 31 October 2014.

If the 31 January 2015 filing deadline is missed the following penalties will start to be imposed:

1 Day Late

  • A fixed penalty of £100.
  • This applies even if you have no tax to pay or have paid the tax you owe.

3 Months Late

  • £10 for each following day up to a 90 day maximum of £900.
  • This is as well as the fixed penalty above.

6 Months Late

  • £300 or 5% of the tax balance due on the 2013/14 tax return, whichever is the higher.
  • This is as well as the penalties above.

12 Months Late

  • £300 or 5% of the tax balance due on the 2013/14 tax return, whichever is the higher.
  • This is as well as the penalties above.

In serious cases you may be asked to pay a penalty of up to 100% of the tax due per the tax return instead.

Additions to Late Filing Penalties

In addition to these late filing penalties above, interest will accrue on any tax liability outstanding on 31 January 2015, and HMRC also have the power to impose late payment penalties at each of the following points:

  • 30 days late: 5% of the 2013/14 tax that remains unpaid.
  • 6 months late: 5% of the 2012/13 tax that remains unpaid.
  • 12 months late: 5% of the 2012/13 tax that remains unpaid.

If you need help in filing your 2013-14 tax return please contact us as soon as possible as we get extremely busy as the 31 January deadline approaches!

Specialist Self Assessment Tax Advice

If you would like any advice regarding the above article or would simply like to discuss other ways in which we could help you or your business, please contact us on 01962 856 990 or customerservice@taxinnovations.com.