{"id":26623,"date":"2024-05-10T13:42:42","date_gmt":"2024-05-10T12:42:42","guid":{"rendered":"https:\/\/smh.group\/?p=26623"},"modified":"2024-05-10T13:58:17","modified_gmt":"2024-05-10T12:58:17","slug":"daily-penalties-have-been-introduced-for-late-self-assessment-returns","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/daily-penalties-have-been-introduced-for-late-self-assessment-returns\/","title":{"rendered":"Daily penalties have been introduced for late self-assessment returns"},"content":{"rendered":"<p>Approximately 1.1 million taxpayers who did not file their self-assessment tax return for the 2022\/23 fiscal year by the 31 January 2024 deadline are now subject to a daily penalty of \u00a310 imposed by <a href=\"https:\/\/www.gov.uk\/government\/organisations\/hm-revenue-customs\" target=\"_blank\" rel=\"noopener\">HMRC<\/a>.<\/p>\n<p><strong>This penalty commenced on 1 May 2024 and may continue for up to 90 days, potentially accumulating to \u00a3900. This fine is applicable even if no tax is due or a refund is owed. Additionally, HMRC levies separate penalties and charges interest at a high rate of 7.75% for late tax payments.<\/strong><\/p>\n<h3><strong>What to do?<\/strong><\/h3>\n<ul>\n<li>Submit an online tax return as soon as possible. This will not avoid penalties up to the date of submission but will prevent further fines accumulating.<\/li>\n<li>If there is information missing for 2022\/23, submit a provisional return with estimated figures. The return should note which figures are provisional, why accurate figures are not available, and when accurate figures will be provided.<\/li>\n<li>HMRC will cancel penalties already charged if they have asked for a 2022\/23 tax return in error. For example, if you have ceased self-employment or no longer rent out property.<\/li>\n<\/ul>\n<p>HMRC can cancel a tax return within two years of the submission deadline, which means there is time to have a return for 2022\/23 cancelled by 5 April 2025.<\/p>\n<h3><strong>Reasonable excuse<\/strong><\/h3>\n<p>You can appeal against the daily penalty if you can demonstrate a reasonable excuse, such as prolonged ill-health or bereavement. However, work pressure, lack of information or missing reminders from HMRC are unlikely to be accepted.<\/p>\n<p>The challenge with appealing against the daily penalty is providing HMRC with a credible excuse running from the original filing date (31 January) through to the issue of penalties (from 1 May).<\/p>\n<p>For more information, <a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/contact\/\">contact us<\/a> on <strong>0114 266 4432<\/strong> or email <a href=\"mailto:info@smh.group\"><strong>info@smh.group.<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Approximately 1.1 million taxpayers who did not file their self-assessment tax return for the 2022\/23 fiscal year by the 31 January 2024 deadline are now subject to a daily penalty of \u00a310 imposed by HMRC.<\/p>\n","protected":false},"author":4,"featured_media":26624,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3],"tags":[11,250,19],"class_list":["post-26623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","tag-hmrc","tag-self-assessment","tag-tax"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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