The 2018 self assessment tax return deadline of 31st January 2019 has now passed. If you have not yet submitted your tax return for that year, then you will receive an automatic late filing penalty of initially £100.
The penalties will continue to increase over time, the longer the delay in submission of the tax return continues.
In addition to the late filing penalties, there will also be additional interest charged on any tax paid late. Furthermore, there will be 5% penalty surcharges added to the amount payable, if the balancing payment for 2018 is not made by the 28th February 2019. Again, interest will continue to accrue on a daily basis, and the penalty surcharges will also continue to increase over time.
If you have not yet done so, then we strongly recommend that you bring your tax affairs up to date, and ensure that any outstanding tax returns are dealt with and submitted to HMRC as soon as possible.