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HMRC has stopped penalty reminder notices. Are you aware?

Posted: February 28, 2019
  • HMRC is to delay sending out late filing penalty notices, usually sent out in February, to taxpayers who failed to file their self-assessment tax return by 31 January, until April 2019.
  • HMRC has blamed this decision on Brexit
  • The £100 penalty will still be due, but the taxpayer won’t know that they have been charged.
  • HMRC says the latest date that late filing penalties for 2017/18 tax returns will be issued is 30 April.
  • If a self-assessment tax return is over three months late, for example not logged as received by HMRC, by 1 May, daily £10 penalties are charged for every additional day the return is late. If the return is six months late,then another automatic late filing penalty is issued, at the rate of £300 or 5% of the outstanding tax, whichever is the greater sum.
  • Penalties apply even if there is no tax liability outstanding
  • If you have yet to file your tax return you should do it as soon as possible otherwise you will incur significant penalties if you wait for further prompting from HMRC
  • Surcharges also apply to late paid tax liabilities.