There’s a small section in the local property tax legislation which is very relevant to the self employed.
For example a single person with self employed income of ?50,000 would pay approximately ?16,781 in income tax. If your local property tax return isnt filed your income tax return can be hit with a late filing penalty. This penalty starts at 5% and after two months goes up to 10%.
So in the case above the late filing penalty could be ?1,678 + interest on the local property tax + penalties.
This penalty appears to be capped at the amount of the local property tax due:
Full details :