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Posted Mon, 07 Feb 2022 17:20:30 GMT by TaxQuestions123
Hi, My self-employment income was less than £1,000 in 2019 - 20, so I made a note on my return and did not declare a separate section for this (my original return was filed in time and paid in time). However, agency fees / expenses slightly puts me above this threshold (by under £50) and I have recently noted that this should have been declared as turnover and a separate field for expenses - I amended my 2020 - 2021 return accordingly. I have written a letter to HMRC at the end of January which was received in early February, stating the error and asking for it to be amended. I wanted to know what interests / penalty would apply and if it will only be on the tax balance due rather than my PAYE which has been paid correctly - My taxable income from self assessment will be under £50 with a liability under £10.
Posted Tue, 08 Feb 2022 08:58:25 GMT by HMRC Admin 17

You can use our calculator here to estimate Interest and Penalties:

Estimate your penalty for late Self Assessment tax returns and payments    .

Thank you.
Posted Tue, 08 Feb 2022 13:33:51 GMT by TaxQuestions123
Thank you for the fast reply - Does this amendment count as a late return and/or only a late payment? This was due to an error / misunderstanding when calling HMRC and filing the return in the previous tax year.
Posted Thu, 10 Feb 2022 10:49:53 GMT by HMRC Admin 20
Hi TaxQuestions123,

It would only be a late payment.

Thank you.

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