With just a few weeks to go before the deadline, is it important that you file your self-assessment tax return online (for tax year 2017/18) by the 31st January 2019. In addition, if you need to pay any tax due by the dates required. If you miss any of these deadlines, then penalties will apply.
The deadline for paying any tax owed for the 2017/18 tax year along with your first payment on account for the 2018/19 tax year is also 31st January 2019. Your second payment on account being due on 31st July 2019.
If you are late in filing your self-assessment, you will face penalty fees and interest charges.
- 1 day late, a penalty of £100 is applied, even if no tax is due.
- Up to 3 months late, there is a daily charge of £10 per day, up to a maximum of £900. In addition to the initial fine above.
- 6 months late, the penalty is 5% of the tax due or £300, whichever is greater. In addition to the penalties above.
- 12 months late, is a further 5% of the tax due or £300, whichever is greater. Again, in addition to the penalties above.
- In particularly serious cases, you may be fined 100% of the tax due, thereby doubling your tax bill.
If you are in a business partnership, you will also need to complete a partnership tax return. Again, penalties apply to both the late submission of the partnership return and the individual partner’s returns.
Late payment penalties:
- Interest will be charged from the date the payment was due. Check the HMRC website for current rates.
- A 5% surcharge will be levied if any tax remains unpaid by 28 February 2019
- An additional 5% imposed if it is still unpaid by 31 July 2019.
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 period. Help and advice 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.
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