We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Self Assessment Late Filing Penalty
really?
Posts: 29 Forumite
in Cutting tax
Hi -
I've recently submitted my self assessment tax return for 21/22. Grim seemingly owe £600 for child charge and somehow I've paid too little through the paye system in tax (god knows how).
I didn't realise I had to do a self assessment because in the 21/22 year I went from a taxable salary above £60k to a taxable salary below £50k and didn't start claiming cb until I went into the new employment.
I got a prompt to fill out self assessment in May and utr in may but messed about as couldn't work out what cb.
Anyway I thought I'd have to pay a charge for late filing etc and no issue with that but just ran through the number on the hmrc calculator and it seems I could be facing an overall charge of c£2k? some interest but majority is late return penalty.
Two things give me hope
1. It says on the form that you only have to pay the figure if hmrc ask you. Anyone care to posit a probability of this occuring?
2. I only recieved a utr in May and a prompt then any chance they'd reduce to penalty to start from then.
Someone please set me straight or laugh at my predicament! TIA
I've recently submitted my self assessment tax return for 21/22. Grim seemingly owe £600 for child charge and somehow I've paid too little through the paye system in tax (god knows how).
I didn't realise I had to do a self assessment because in the 21/22 year I went from a taxable salary above £60k to a taxable salary below £50k and didn't start claiming cb until I went into the new employment.
I got a prompt to fill out self assessment in May and utr in may but messed about as couldn't work out what cb.
Anyway I thought I'd have to pay a charge for late filing etc and no issue with that but just ran through the number on the hmrc calculator and it seems I could be facing an overall charge of c£2k? some interest but majority is late return penalty.
Two things give me hope
1. It says on the form that you only have to pay the figure if hmrc ask you. Anyone care to posit a probability of this occuring?
2. I only recieved a utr in May and a prompt then any chance they'd reduce to penalty to start from then.
Someone please set me straight or laugh at my predicament! TIA
0
Comments
-
Have you checked your Self Assessment account to see what the filing deadline was?
It's usually the later of 31 January after the end of the tax year (31 January 2023 in your case) and 3 months from when the return or notice to file a return was issued.1 -
OK it says issue on 25th May 2023
file online by 01 Sept 2023. I think I'm golden, what a relief.
Thanks very much I was stressing out for an hour there.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.1K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards