Penalties for late filing include:​

  • Missed filing deadline: An initial £100 penalty.

  • Three months late: Daily penalties of £10, up to a maximum of £900.​

  • Six months late: An additional £300 or 5% of the tax due, whichever is higher.​

Penalties for late payment include:​

  • 30 days late: 5% of the tax unpaid at that date.​

  • Six months late: An additional 5% of the tax unpaid.​

  • Twelve months late: A further 5% of the tax unpaid.​

Interest is also charged on late payments.