Late Penalty Self Assessment

kito123

Hi guys

I spoke to someone at HM Rev last year about my self assessment - I was finding it hard to complete it!

Anyway, he said if I filed it late, but had nothing to pay, then I could claim back my penalty fine of £100.00

Does anyone know if this is true? They've taken the money from my account, but it sounds too good to be true!

Anyone? Many thanks, Kitty:D

Mikeyorks

The penalty is £100 or the amount of tax due if that's less than £100. So if there's no tax due the penalty is automatically reduced to £zero.

But note that it's the tax due for the year .... not the amount to be paid (as you may have made a payment on account .. had an overpayment carried forward etc)

Gas_Powered_Toothbrush

Note that this year is the last where penalties will be capped.