There are further penalties that apply if the return is still outstanding for more than 6 months after the 31 January 2016 filing deadline. From 1 August 2016 taxpayers will be charged the greater of £300 or 5% of the tax due. If the return continues to remain outstanding one year after the filing deadline, further penalties will be charged from 1 February 2017.
Whilst HMRC has been taking a more pragmatic approach in respect of taxpayers that file a late return, this only applies to taxpayers that have a reasonable excuse for sending in a late return. It would be hard to find a reasonable excuse almost six months after the deadline for payment.