Full list of HMRC penalties you could face for a late tax return

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HMRC has warned of penalties for millions of people who are yet to file their self-assessment tax return for the 2023 to 2024 tax year. It has set out the fines that can be imposed for missing the crucial deadline on January 31.

More than 7.4 million people have filed their tax return but many others still haven't done so. Those who miss the deadline could face a £100 late filing penalty, even if no tax is owed, followed by other penalties at intervals after that if the documentation is still not submitted. HM Revenue and Customs is urging people to act now and says it has a range of support available.

Anyone new to self-assessment will need to register before they can send their tax return. It then takes up to 10 working days to receive a unique taxpayer reference (UTR), which can be accessed through HMRC Online Services or the HMRC app.

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Myrtle Lloyd, HMRC's Director General for Customer Services, said: "The self-assessment deadline is fast approaching, don't leave completing your tax return to the last minute. There is plenty of support available to make filing as straightforward as possible - just search 'help with self-assessment' on GOV.UK to find out more.”

She says people may need to file a return if they are newly self-employed and have earned gross income over £1,000, or have earned below £1,000 but wish to pay Class 2 National Insurance Contributions voluntarily to protect their entitlement to State Pension and certain benefits. You may also need to fill in a tax form if you're a new partner in a business partnership, have received any untaxed income over £2,500, or receive Child Benefit payments and need to pay the High Income Child Benefit Charge because you or your partner earned more than £50,000.

The full list of penalties for late tax returns is as follows:

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  • an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time

  • after 3 months, additional daily penalties of £10 per day, up to a maximum of £900

  • after 6 months, a further penalty of 5 per cent of the tax due or £300, whichever is greater

  • after 12 months, another 5 per cent or £300 charge, whichever is greater

There are also additional penalties for paying late of 5 per cent of the tax unpaid at 30 days, 6 months and 12 months. If your tax bill remains unpaid after the deadline, interest will also be charged on the amount owed, in addition to the penalties above.

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