Late filing interest and penalties

Following the most recent tax return submissions and payment deadline that were due by 31 January 2024, it may be that you still have tax outstanding if you could not make the payments on time.

If you are late on paying your 22/23 tax liability you will be subject to interest and penalties.

If payments for the 22/23 tax year were not made by 31 January 2024, interest will be charged each day from 1 February 2024. The current rate of interest on late payments is 7.75%.

If the balance is not paid by 28 February 2024, the taxpayer will face a penalty on 1^st March 2024 of 5% of the tax outstanding.

If the payment is still not made by 31 July 2024 a further 5% penalty will be issued, which if on 31 January 2025 the balance is still outstanding then an additional 5% penalty will be charged again to the account,

You may also be subject to further penalties if your tax return was not submitted by the deadline. The potential penalties for late submission and payments can be calculated using the following link https://www.gov.uk/estimate-self-assessment-penalties.

You can view the amount you owe HMRC on your personal tax account, and any payments can be made online using the following link https://www.tax.service.gov.uk/pay/sign-in?traceId=80965814.

If you require any assistance, please feel free to contact your local Perrys office.