A late filing penalty is a fee charged by HMRC if you file your tax return late. As you might expect. The penalty varies depending on whether you’re a sole trader or whether you run a limited company.
Here are a few important things to bear in mind when it comes to paying your Self Assessment tax return:
Be aware that you are allowed to appeal a fine with HMRC, but you need a good reason to do so. That can be anything from:
As a sole trader, here are the deadlines that you should put into your diary to stay on top of things when it comes to paying your taxes:
Of course we can! We know that as a freelancer or contractor it can be confusing to handle your own accounts and tax records, so contact our experts for advice and support today!
If you are a self-employed contractor, remember to file your Self Assessment by 31st January the year after the tax year you’re paying for. For example, if you’re paying your 2023/2024 tax return, this should be paid by 31st January 2025.