Estimating your penalty for late Self Assessment tax returns

Our experts explain how you can estimate any penalties you might incur for late filing

Our experts at DSR Tax Claims know how hard it is to find good, quality information about HMRC’s tax regulations that is easy to understand, and that’s why we have created these handy guides to tell you everything you need to know. Our aim is to make life easier for our clients and that is why we want to share our expertise with you. You can also call our friendly team on 0330 122 9972 – we’re the tax experts you can trust.

Can you estimate your late filing penalty?

As you may have read on many of our handy guides, it is really important to make sure you file your Self Assessment tax return on time or you may get hit with fines and penalties. But what if it is too late for that good advice now and your tax return has been filed late? Can you get an idea of how much extra it is likely to cost you?

If you have missed HMRC’s deadlines for sending your Self Assessment tax return or paying your Self Assessment tax bill, you can get an estimate of how much extra you will pay in penalties and interest by using the online calculator on the HMRC GOV website.

You can only calculate your penalties for the current tax year, so if your late filing is related to a previous tax year, you won’t be able to use this calculator. The calculator is quite simple so it won’t be able to make accurate calculations if you have made partial payments, or if you have any outstanding taxes owed from previous tax years.  It also won’t take into account any credit you have from previous years.

How does it work?

You will need to enter the date you actually filed your tax return, how much your tax bill is and when you paid it (or when you expect to be able to pay it, if you haven’t already paid it). The calculator will then calculate an estimate of how much you owe. A late tax return will incur an automatic penalty of £100 but you will also have to pay a penalty based on a percentage of the tax you owe, as well as interest on that unpaid tax. The estimate is rounded down to the nearest pound.

How can DSR Tax Claims help?

We aim to make life as simple as possible for our clients and that includes giving you the information you need to make your taxes (and your life) simpler and less stressful.  Our team of experts at DSR Tax Claims are always on hand to help our clients and our excellent standing with HMRC means that we can make sure you don’t fall foul of their regulations, while claiming your maximum tax relief. We can even take care of all that paperwork and deal with HMRC on your behalf too. Call our friendly team on 0330 122 9972 – we’re the tax experts you can trust.

Start Your Claim Today!

Call our experts

Let’s get started on your tax rebate or self-assessment return