If you needed to have submitted a self assessment tax return for 2019/20 but have not done so by 28/02/2021, you will now be receiving a letter from HMRC stating that you owe a £100 late filing penalty fee.
Please do not ignore this, as from 29th of May you will see an exponential growth in the penalty.
From 29th May you will receive a £10 per day fine for up to 3-months, meaning you can potentially get an additional £900 added to the initial £100 fine you have received.
On the 30th July you will then receive an additional £300, making the grand total for late filing £1,300 if not done by 30/07/2021.
If you have a tax return to file, please contact us on 020 8761 8000 so we can help you avoid any additional penalties you may incur.