HMRC issues £10 a day fine as important tax deadline passes

Levi Winchester
·3-min read
HMRC will begin issuing fines following an important deadline -Credit:Getty Images
HMRC will begin issuing fines following an important deadline -Credit:Getty Images


HMRC has begun issuing daily fines of £10 to those who have not yet submitted their self-assessment tax return. The deadline for the 2022/23 tax year was 11.59pm on January 31.

If you filed your tax return even a day late, you would have already been hit with a £100 fine - regardless of whether you owe any tax. If you still haven't filed after three months, additional fines of £10 a day are levied, up to a maximum of £900.

The new round of fines would have commenced on May 1 for anyone who has not yet submitted their self-assessment. A further penalty of 5% of the tax owed or £300, whichever is greater, will be applied if you still haven't filed six months after the deadline which is repeated at 12 months.

Read more: May Bank Holiday DWP payment dates brought forward for 12 benefits

The deadline for paying any tax owed was also on January 31. If you don't settle your tax bill on time, you're charged 5% of the tax owed at 30 days, then again at six months and 12 months, reports the Mirror.

Interest will also be added. The paper deadline for filing your self-assessment was on October 31.

You typically need to file a self-assessment tax return if you're self-employed and your income hasn't had tax automatically deducted, or if you've earned extra cash outside of your normal employment that has not been taxed. The latest data from HMRC reveals that as of the beginning of February this year, 1.1 million individuals had failed to meet the self-assessment deadline.

According to MoneyHelper.org.uk, you are required to submit a self-assessment tax return if:.

  • You earned more than £1,000 through self-employment (before deducting any items eligible for tax relief).

  • Your income from property rental exceeded £2,500 (if your earnings were between £1,000 and £2,500, you must contact HMRC).

  • You received over £2,500 in untaxed income, such as tips or commission.

  • Your pre-tax income from savings or investments was £10,000 or more.

  • You need to pay Capital Gains Tax on profits made from selling assets like shares or a second home.

  • You're a company director (unless it's a non-profit organisation, like a charity).

  • Your income, or your partner's, was above £50,000 and you're claiming Child Benefit.

  • You have foreign income that is subject to tax, or you live overseas but earn income in the UK.

  • Your taxable income exceeded £100,000.

  • If your earnings for the 2021/22 tax year were over £50,000 and you made pension contributions, you may need to complete an assessment to reclaim the additional tax relief you're entitled to.

  • You're a trustee of a trust or registered pension scheme.

  • Your State Pension was your sole source of income and it was higher than your personal allowance.

  • You received a P800 from HMRC indicating that you underpaid tax last year.

You can also verify online via the HMRC website to determine if you need to submit a tax return.

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