Self Assessment – Interest and penalties if you don’t pay your tax on time

Interest charges if you pay late

You will have to pay interest on anything you owe and haven’t paid, including any unpaid penalties, until HMRC receives your payment.

Penalties for paying late

If you don’t pay the tax you owe for the previous tax year on time, you’ll have to pay a penalty after 30 days and the longer you delay, the more you’ll have to pay. So it’s important to pay the tax as soon as you can.

Penalties for paying late

  • Thirty days late – 5% of the tax you owe at that date
  • Six months late – 5% of the tax you owe at that date. This is as well as the 5% above.
  • Twelve months late – 5% of the tax unpaid at that date. This as well as the two 5% penalties above

The penalties above do not apply to any payments on account that you pay late.