HMRC is set to increase fines for the late filing of VAT and self-assessment. There will be a penalty of 3% of the sum outstanding where tax is overdue by 15 days, plus 3% where tax is overdue by 30 days and then 10% per annum where tax is overdue by 31 days or more. The increase is expected to bring in £105m over 2028/29 and £125m over 2029/30. The ICAEW described the increase as “very significant,” saying that timely payments will be “more critical than ever for taxpayers and businesses.”
HMRC to hike fines – 2025
