06/05/2025
With the introduction of Making Tax Digital for Self Assessment HMRC are raising the late fees for those who fall behind.
"Currently, HMRC punishes Making Tax Digital platform users 2% of the outstanding tax if a VAT or self-assessment return is 15 days late, rising to 4% if more than 31 days behind.
From April 2025, this will jump to 3% of the tax outstanding where tax is overdue by 15 days; plus, 3% where tax is overdue by 30 days and 10% a year where tax is overdue by 31 days or more."
You can read more here: https://moneyweek.com/personal-finance/late-tax-penalties-changes-reeves