Have you missed the 31 January self-assement tax return deadline? Following this date, if you fail to submit your online self -assessment tax return, you will be required to pay an initial fixed penalty of £100 which increases with further delay as well as late payment interest.
You are required to complete a self-assessment tax return if you:
If you do not pay the tax you owe for the previous tax year on time, the more you delay, the more you will be required to pay. This is why it is imperative that you pay the tax as soon as you can. The information below details the penalties you will have to pay if your tax return is late. If a Partnership tax return is late, then each partner will be required to pay the penalties shown below.
Penalties for missing the tax return deadline:
In extremely severe cases, you may be requested to pay up to 100% of the tax due instead in addition to the penalties above.
Interest & Penalties:
If you do not pay the tax you owe for the previous tax year on time, the more you delay, the more you will be required to pay.
Penalties for paying late:
The penalties above do not apply to any payments on account that you pay late. Until HMRC receive your payment, you will be charged interest on anything you owe and have not paid, including any unpaid penalties. More information can be found online at https://www.gov.uk/topic/personal-tax/self-assessment
We can help you:
If you require assistance with your personal self-assessment tax return, please book a free initial consultation now through our Contact Us page, or alternatively please call 07715563212.