Of the 12.1 million customers expected to file this year, a whopping 778,068 waited until the last minute. The peak hour for filing on deadline day was between 4pm and 4.59pm, when 68,462 customers submitted their tax return. Yet there were 32,958 tardy taxpayers who literally left it until the eleventh hour and filed between 11pm and 11.59pm.
Here, Which? explains what happens now if you missed the deadline and why you should get your tax return in as soon as possible.
What's the penalty for filing late?
If you missed the deadline of midnight on 31 January, then you'll likely be slapped with a £100 fine. After that, you'll face the following penalties:
Up to three months late: Six months late: 12 months late:The only way HMRC might let you off the hook for late filing is if you have what is deemed a 'reasonable excuse'.
While the tax office will weigh up appeals on a case-by-case basis, it will show leniency and waive any late fees if you have a compelling reason for missing the deadline. Excuses it considers legitimate include the recent death of a partner, an unexpected stay in hospital, or issues with HMRC's online services.
Find out more:Other fines you could face
Missing the filing deadline isn't the only reason why HMRC might charge a penalty.
Late payment
You’ll likely also face late payment charges if you haven't paid your tax bill – the deadline is also 31 January.
You’ll be charged daily interest from the date the payment was due – currently 7.75% – and there may be further penalties if you're several months late paying your tax bill. Those are:
Three months late: Six months late: 12 months late:Making a mistake
HMRC can also impose fines for mistakes, with penalties based on the amount of tax you owe and the kind of error HMRC deems you to have made. For example, whether it was simply a careless mistake or a deliberate attempt to hide something.
Penalties are calculated as follows:
0% charge:0-30% charge:20-70% charge:30-100% charge:In November 2023, we surveyed 508 people who were submitting a 2022-23 tax return and a third said 'worrying about making a mistake' was the aspect they disliked most about filing a tax return. And two in five falsely believed you can’t change a tax return form after it has been submitted.
The good news is that you can correct a tax return within 12 months of the self-assessment deadline. So try not to stress too much about making a silly mistake or two – the important thing now is to get your self-assessment form to HMRC as soon as possible.
Find out more:Ask for help if you're struggling
Our survey found a third of self-assessors were concerned about being able to pay their tax bill this year. But if you're struggling to settle your bill, you may be able to set up a Time to Pay arrangement that lets you pay in instalments over an agreed period. You’ll pay interest on anything owed after the deadline, but at a lower rate than the late payment rate.
Try the Which? tax calculator
You can calculate how much tax you owe from a range of income sources, and it will even suggest allowances and expenses you might have forgotten.
When you're ready, you can use the tool to file your tax return directly to HMRC.
source https://www.which.co.uk/news/article/what-to-do-if-you-missed-the-self-assessment-tax-return-deadline-ainPz9c00tks