SELF ASSESSMENT DEADLINE OF 31st JANUARY – DON’T BE LATE!

With only a few weeks to go before the deadline, is it vital that you file your self-assessment tax return online (for tax year 2016/17) by 31^st January.

You must also pay what you owe or you could face penalties.  The deadline for paying the tax for the 2016/17 tax year and your first payment on account for the 2017/18 tax year is also 31^st January 2018.  Your second payment on account being due on 31^st July 2018.  Penalties apply if you miss either of these deadlines.

Late filing penalties:

• One day late, a penalty of £100 is applied, even if no tax is due.
• Three months late, there is a daily charge of £10 per day, up to a maximum of £900.
• Six months late, the penalty is 5% of the tax due or £300, whichever is greater.
• Twelve months late, is a further 5% of the tax due or £300, whichever is greater.
• In particularly serious cases, you may have a higher penalty of 100% of the tax due.

If you are in a self-assessment partnership, penalties apply to both the late submissions of the partnership return and the individual partner’s return.

Late payment penalties:

• 5% of tax unpaid after 30 days
• Another 5% of tax unpaid after 6 months
• Another 5% of tax unpaid after 12 months

It is your responsibility to declare all sources of income on your self-assessment tax return.  If you do not, you could face penalties, possible court action or even criminal convictions.

HMRC offers a wide range of help during this stressful period. Help and advice on filing your return is available from the GOV.UK website or the Self-Assessment helpline on 0300 200 3310 (open Monday to Friday 8am to 8pm, Saturday 8am to 4pm and Sundays 9am to 5pm).

If you are concerned about your tax return and require any assistance call us on 0113 2864486.