Late self-assessors face automatic £100 penalty

Self-assessment customers of HM Revenue & Customs are being urged to file their paper returns before the October 31^st deadline or face a penalty, even if they have no tax to pay.

Following the introduction of a tougher penalty regime, HMRC said taxpayers who send their paper returns on or after November 1^st will automatically receive an instant £100 penalty.

The charge will hit any self-assessor who sends the return later than October 31^st, even if there is no tax to pay and even if the tax due is paid on time. 

Also under the tougher regime, the longer a customer delays making their return (having already missed the deadline), the more they incur in charges, as three, six and 12-month penalties are applicable.

And in serious cases, the penalty after one year can be up to 100% of the tax due, in addition to a £300 charge (or 5% of the tax due) for crossing the 12-month threshold. 

Self-assessment customers who settle up on the internet, by contrast, were reminded that they have an extra three months to file their returns, among the “other advantages” to registering for HMRC’s online services.