Missed the tax deadline?

If you are yet to file your self assessment tax return help is still available! But don’t delay as the new HM Revenue & Customs (HMRC) penalty regime will mean that the penalties increase the longer you postpone filing your return. An estimated 1 million taxpayers are expected to receive an automatic late filing penalty of £100 so if you have missed the deadline you are by no means alone. What's different this year however is the new penalty regime.

If you've missed the deadline you'll have to pay a penalty of £100. You should send your tax return online as soon as you can to avoid further penalties. Don't send a paper tax return as the penalties will be even higher. The longer you delay, the more you'll have to pay. When your tax return is three months late, you'll have to pay a penalty for each additional day it is late. When it's six months late, you'll have to pay a further penalty and another final penalty when it's 12 months late. Together these can add up to a penalty of £1,600 or more.