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The deadline for filing your 2022/23 self-assessment tax return and paying the tax due is 31st January 2024.  

If you submit your tax return after this date you will automatically receive a late filing penalty of £100. 

If you submit your return within the next three months of the deadline, you will avoid the next wave of late filing penalties which are £10 per day – for up to 90 days. Further penalties are applied when the return reaches over six and 12 months overdue of the higher of £300 or 5% of the tax outstanding. Each of these penalties are all in addition to one another; not in place of. 

If you can’t pay your tax on time, you will also be due to pay late payment interest. If you are aware now that you won’t be able to pay your tax on time it’s important to speak to HMRC and you may be able to set up a Time to Pay arrangement with HMRC. 

Late payment interest is currently charged at 7.75%, and HMRC may use a determination of tax to issue you with an interest charge. If you pay your tax later than 30 days late additional penalties will apply. 

If you would like any advice or assistance in this area please contact us on 0800 0523 555 or use our simple online contact form to arrange a free initial consultation.

Date published 25 Jan 2022 | Last updated 2 Jan 2024

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

Catherine Heinen, FCCA

Catherine is a Technical Content Writer at TaxAssist Accountants, and a qualified accountant. With experience working at two accountancy practices in the UK top 50 accountancy firms according to Accountancy Age, Catherine has significant experience in accounts, tax returns and advising clients. Catherine ensures businesses, business owners and individuals are kept up to date and informed by providing concise and informative technical material.

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