More than 11.7m taxpayers filed their tax returns before the 31st January 2023. However HMRC has revealed that more than 600,000 taxpayers missed the deadline. If you missed it, HW Fisher outlines what happens next.
Trusha Shah, Tax Manager explains: “There are over 600,000 who did not file their self assessment on time this year. This is a significant improvement compared to last year, where more than 2 million missed the tax return deadline. It’s important to be aware that if you haven’t settled any unpaid taxes by the 31st January, you will start to accrue late payment interest and penalty fees. There are several penalty milestones throughout the next 12 months to be aware of – the next deadline is 2nd March, when a 5% penalty may apply on any unpaid taxes.”
HW Fisher’s 2023 calendar: late payment penalties for 2021/2022 tax returns
|2nd March 2023||5% penalty on 2021/22 Income Tax, Capital Gains Tax and Class 2 and 4 NIC if they have not been paid by today.|
|30 April 2023||For those who missed the 31st January online filing deadline, there is a flat rate penalty of £100 for the first three months.|
|1st May 2023||You will be eligible for further late filing penalties.
For returns filed online after today, automatic £10 daily penalties apply. For returns filed on paper, the further penalty is the greater of £300 or 5% of the tax showing on the return.
|1st August 2023||There are further late filing penalties from today.
For returns filed online, the further penalty is the greater of £300 or 5% of the tax showing on the return.
To discuss specific circumstances or for more detail on deadlines and dates, please get in touch.