Summary. HMRC delayed self-assessment penalty warnings this year, affecting 731,186 taxpayers who missed the deadline. The standard £100 late fee will rise by £10 a day starting May 1st. Brexit-induced delays caused the postponement of penalty notices, but HMRC assures fair treatment. Taxpayers should file promptly to avoid additional fines.
The self-assessment deadline has passed, however, those who have missed the deadline may see an increase in their fines this year. As standard protocol, HM Revenue and Customs usually send out penalty warnings in February to encourage and remind those who are still yet to complete their tax forms. However, HMRC has revealed that this year, they will send some of these warnings in April, which is much later than in previous years
How does this affect me?
Reports indicate that 731,186 taxpayers missed this year’s deadline, making them liable for the £100 late fee. If you have missed the deadline and still haven’t received your penalty notice, you could be paying even more fines on top of the late fee. From the 1st May, the standard late fee of £100 will begin to rise by £10 a day. Considering this, those who have already missed the deadline may receive letters with additional penalties that have already accrued
Why are self-assessment penalties being sent out later?
HMRC has blamed Brexit for the delay in sending out self-assessment penalty letters, saying that the increased workload has caused the delay. The notice they issued said, “We expect an increased demand in our call centres as the UK leaves the EU, so we intend to delay the issue of these notices to ensure we can provide the best service to our customers.” They have stressed that no one will be penalised unfairly explaining, “we will issue daily penalties to individuals who have still not filed three months after the deadline, in appropriate cases, at the normal time.” HMRC states that they will send out the latest letters by April, giving people several weeks to contact them regarding their tax payments
What shall I do if I have missed the deadline?
If you are one of the 731,186 taxpayers who have missed the deadline, it is important that you start taking the right steps to file your tax return – otherwise you could end up with further fines. If possible, complete the form online; returning it by post means you’ll pay a much higher fine as the postal deadline for tax returns was last year.
Self-assessment tax help
Here at Thomas Nock Martin, we understand that sorting out your tax returns is not a simple process. There is a lot of stress and worry that can stem from completing your own tax as no one wants to make an error and receive fines as a result. With this in mind – why not take advantage of our Taxation Services? As experts in tax returns, including self-assessments, we handle all necessary tasks to ensure your tax gets filed, returned, and completed, so you don’t have to. Using an accountancy service ensures that you tick every box and submit all the correct documentation, removing worries about looming fines and missed deadlines.
If you would like to find out more information on our self-assessment taxation services then head to our website today. Alternatively, call 01384 261300 to speak to a member of our experienced and helpful team, as we are happy to help.
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