{"id":774,"date":"2025-02-24T08:48:00","date_gmt":"2025-02-24T08:48:00","guid":{"rendered":"https:\/\/www.experlu.co.uk\/dictionary\/?p=774"},"modified":"2025-03-25T11:23:45","modified_gmt":"2025-03-25T11:23:45","slug":"late-filing-penalty","status":"publish","type":"post","link":"https:\/\/www.experlu.co.uk\/dictionary\/late-filing-penalty\/","title":{"rendered":"Late filing penalty"},"content":{"rendered":"\n<p>If you file your tax return late, <strong><a href=\"https:\/\/www.gov.uk\/government\/organisations\/hm-revenue-customs\">HMRC<\/a><\/strong> will charge you a late filing penalty. The penalty is different depending on whether you&#8217;re a sole trader or a limited corporation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The late filing penalty as a sole trader<\/h2>\n\n\n\n<p>When it comes to paying your<strong><a href=\"https:\/\/www.experlu.co.uk\/self-assessment-tax-returns\"> Self Assessment tax return<\/a><\/strong>, there are a few things to keep in mind:<\/p>\n\n\n\n<p>\u25cf There is a separate penalty for failing to register as self-employed and failing to pay your tax bill on time, and both are added together.<br>\u25cf When you pay late, you will be charged interest.<br>\u25cf Even if you don&#8217;t owe any taxes, you&#8217;ll be charged if you file late for another reason.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Deadlines to keep in mind<\/h2>\n\n\n\n<p>Here are the deadlines that you should put in your calendar as a <strong><a href=\"https:\/\/www.experlu.co.uk\/blog\/who-is-a-sole-trader-and-what-is-a-sole-trader-business\/\">sole trader<\/a><\/strong> to stay on top of ways when it comes to paying your taxes:<\/p>\n\n\n\n<p>\u25cf The tax year spans from April 6th to April 5 of the following year.<br>\u25cf The deadline for filing tax returns is January 31 after the tax year-end.<br>\u25cf The deadline for paying the second installment of income tax on the account is July 31.<br>\u25cf The self-Assessment registration deadline is October 5.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What are the late tax return penalties?<\/h2>\n\n\n\n<p>The penalties have changed as of April 6th, 2012. (Before this date, various penalties were enforced).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">One day late<\/h3>\n\n\n\n<p>A fixed penalty of \u00a3100. Even if you don&#8217;t have any tax liability, you will be fined if you file your return one day late.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Three months late&nbsp;<\/h3>\n\n\n\n<p>\u00a310 every day for the next 90 days, up to \u00a3900. It is on top of the \u00a3100 fixed penalty mentioned above.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Six months late&nbsp;<\/h3>\n\n\n\n<p>A fixed sum of \u00a3300 or 5% of the tax due, whichever is greater. It is in addition to the previous penalties.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">12 months late<\/h3>\n\n\n\n<p>Another fixed sum of \u00a3300 or 5% of the tax due, whichever is greater. In extreme instances, you may be required to pay up to 100% of the tax payable. These are in addition to the penalties listed above.<\/p>\n\n\n\n<p>In other words, if you&#8217;re a year late with your tax return, you could owe HMRC \u00a31,600!<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you file your tax return late, HMRC will charge you a late filing penalty. The penalty is different depending on whether you&#8217;re a sole trader or a limited corporation. The late filing penalty as a sole trader When it comes to paying your Self Assessment tax return, there are a few things to keep [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[84],"class_list":["post-774","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-late-filing-penalty"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is late filing penalty?<\/title>\n<meta name=\"description\" content=\"If you file your tax return late, HMRC will charge you a late filing penalty. 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