Overview
- From April 6, sole traders and landlords with more than £50,000 in self‑employment and property income must submit updates every three months under Making Tax Digital.
- Late submission penalties move to a points system, with quarterly filers incurring a £200 fixed charge once they accrue four points.
- For annual filers outside the quarterly mandate, a £200 penalty applies after two late‑submission points, with further £200 charges for subsequent late returns.
- HMRC is telling anyone who missed the 31 January Self Assessment deadline to file online immediately rather than call, to limit mounting charges.
- Established late‑payment rules still apply, including a £100 fixed penalty after the deadline, daily £10 charges after three months up to £900, further 5% penalties at six and 12 months, and interest on unpaid tax.