Self Employment Tax Guide
Contents
- Bookkeeping
- Allowable expenses
- Self Assessment – Register as Self Employed
- Self Assessment – Filing and payment regime
- Self Assessment – Penalty and late payment regime
- National Insurance
- VAT
- Commercial considerations
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:
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