Let Campaign and penalties

Hi I purchased my first property in September 2020 and this is my only property which I bought on a buy to let. The first tax year should have been filed in January 2022, which I did not do as I was on losses and given how complex taxation could be I did not realise as I have never been self employed. I was hoping to file tax by the 5th April 2023 for tax year 2021/2 but then realised the deadline was January 2023, now these were honest and genuine mistakes looking at the penalties for the losses I made in 2020/1 the penalty for losses is £1600. How is that fair and I understand that now I am late for tax year 2021/2 the penalty is £100. What would be my best approach to reduce these penalties as I now am aware of how the system works. All advice be much appreciated.

Hi ahmed111,

You will need to file the return for the 20/21 tax year first and then appeal any penalties charged. the appeal must be in writing and gives your reasons for late filing. there is no guarantee that your appeal will be accepted.

Thank you.