That time of year again!

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That time of year again!

By Sarah Laing, February 2020

Sarah Laing looks at the interest and penalty charges that may be encountered for late filing and payment of tax as the 31 January self-assessment return deadline approaches.

HMRC operates a severe penalty regime to ‘encourage’ compliance with self-assessment requirements. Failure to submit a return on time may attract a late filing penalty. 

Late returns 

The exact amount of any late filing penalty depends on how late the return is:

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