Buy To Let Tax Guide

Buy-to-Let Guide

Self Assessment – Penalties and late payment regime

There are tax penalties both for the late filing of Self Assessment tax returns and for late payment of tax due under Self Assessment.

The table below sets out the penalty regime under Self Assessment from the 2010-11 tax year onwards.

Late filing Late payment Penalty
Miss filing deadline £100
30 days late 5% of tax due
3 months late Daily penalty of £10 per day for up to 90 days (max £900)
6 months late 5% of tax due, or £300 if greater
6 months late 5% of tax outstanding at that date
12 months late 5% or £300 if greater, unless the taxpayer is held to be deliberately withholding information that would enable HMRC to assess the tax due.
12 months late 5% of tax outstanding at that date
12 months & taxpayer deliberately withholds information Based on behaviour:

  • deliberate and concealed withholding: 100% of tax due, or £300 if greater
  • deliberate but not concealed: 70% of tax due, or £300 if greater
Reductions apply for prompted and unprompted disclosures and telling, giving and helping.