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Daily penalties waived for Self-Assessment late filing
HM Revenue & Customs (HMRC) has confirmed that it will not charge the usual daily penalties for late filing of 2018-19 Self-Assessment tax returns, which were due by 31 January 2020.
HMRC says the move is in response to the Coronavirus pandemic and the challenging circumstances taxpayers have faced in recent months.
The daily penalties are usually levied where returns are more than three months late and for a maximum of 90 days. After this point, late filers face a penalty of the greater of £300 or five per cent of the outstanding tax owed, which is levied again if a return is a year or more late.
While HMRC has waived the daily charges, the six and 12-month penalties remain in place.