Self Assessment penalties and interest

You’ll get a penalty if you send your tax return late, pay your bill late, or send an incorrect return. Penalties apply to everything reported on the return, including cryptoasset disposals.

Late filing penalties

When	Penalty
31 January	£100
More than 3 months late	£10 a day, up to £900
More than 6 months late	5% of the tax due, or £300 if higher
More than 12 months late	A further 5% or £300

Late payment penalties and interest

Interest is charged from the day after the deadline until you pay in full. You’ll also pay a penalty of 5% of the unpaid tax at 30 days, 6 months and 12 months.

Incorrect returns

If you find a mistake after you have sent your return, correct it as soon as possible. Penalties are lower the sooner you tell HMRC.

If you forgot to report a cryptoasset disposal in an earlier year, you can usually correct it within 12 months of the filing deadline.

Appealing a penalty

If you had a reasonable excuse, such as a serious illness or a death in the family, you can appeal a penalty. You must usually appeal within 30 days.

Paying

Pay your bill as soon as you can to stop interest building up.