Self Assessment Deadline 31st Jan & Late Penalties

31st January is an important date, it is the deadline to complete and submit your tax return to HMRC.

If you receive a tax return from HMRC then you are legally obliged to complete it, even if you think it is not relevant to you. If you are asked to do a return and are 100% sure you do not meet the criteria, then contact HMRC on 0300 200 3310 as soon as possible to withdraw. Please note you have 2 years only to withdraw a return.

Your Tax Return must normally be filed (completed and submitted to HM Revenue and Customs) by 31 October following the tax year end (5 April) if you file on paper, or by 31 January following the tax year end if you file on-line. So the 2017 Tax Return (for the tax year 2016-2017) is due by 31st October 2017, if filed by paper, or by 31st January 2018, if filed on-line. You will be sent your Tax Return – or a notice to file on-line – about May after the end of the tax year.

Even if you do not owe tax you still need to submit your return, not submitting a return will result in fines, they also may issue an estimated bill, this will stand until you submit your completed tax return.

Penalties for not submitting Self-Assessment on time:

1. The first penalty you receive will be for late filing, this will be £100

2. If another 3 months go past still without a return, you when then be charged a daily penalty of £10 per day up to a maximum of £900

3. Once you get to six months past the deadline date there will be a penalty of £300 (or 5% the tax owing if this is greater)

4. You will then be charged another £300 (or 5% the tax owing if this is greater) once you get to the 12 months late mark.

Even if you do submit your return but payment is made late, you will be charged the following:

1. 5% of tax unpaid after 30 days

2. Another 5% of tax unpaid after 6 months

3. Another 5% of tax unpaid after 12 months

If you have a lot of outstanding Tax Returns, please do not feel worried, contact us at Rebate My Tax and we can start looking at your current and previous tax years. We will require information as to why your returns were not completed, and if you have a reasonable enough excuse then we can do our best to get your fines and penalties reversed and get your taxes back up to date.

To avoid hefty fines, it is always advisable to submit your return as soon as you can, as a client of Rebate My Tax we will always make sure your taxes are completed efficiently and on time to avoid any stress and always getting our clients the maximum rebates guaranteed.

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