HMRC preparing to send out £100 fines 'plus interest'

The cut-off for paper self-assessment tax returns is October 31 - any paper tax returns received after this date will incur a £100 penalty

HMRC is preparing to issue £100 fines "plus interest" to people who miss a key deadline in two weeks. The cut-off for paper self-assessment tax returns is October 31 - any paper tax returns received after this date will incur a £100 penalty. However, if you're concerned about meeting the deadline, you can opt to submit your tax return online instead, with the deadline extended to January 31.

The imminent tax returns pertain to the 2023/24 tax year. While most individuals have tax automatically deducted from their salaries, those who are self-employed or have accrued additional untaxed income will need to complete a self-assessment form.

Online, you can get an estimate of how much you’ll need to pay in penalties and interest if you’ve missed the deadline for sending your Self Assessment tax return or paying your Self Assessment tax bill. HMRC warned: "You’ll get a penalty if you need to send a tax return and you miss the deadline for submitting it or paying your bill.

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"You’ll pay a late filing penalty of £100 if your tax return is up to 3 months late. You’ll have to pay more if it’s later, or if you pay your tax bill late. You’ll be charged interest on late payments. Estimate your penalty for Self Assessment tax returns more than 3 months late, and late payments."

Online, a HMRC calculator can only give an estimate of what you owe and does not take account of: payments you’ve made towards your tax bill, outstanding interest or penalties for previous tax years or credit you have from previous tax years.

Do not use the calculator if you got your request to fill in a Self Assessment less than 3 months before the deadline, so had more time to file it or sent a paper return after 31 October, but HMRC agreed you had a reasonable excuse to not file online.

You’ll still be charged £100 for missing the deadline, as well as further penalties if your tax return is more than 6 months late.