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 31st 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 31st January 2018. Your second payment on account being due on 31st 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.
Our Services
-
Tax Protection
With HMRC becoming more spontaneous with tax investigations we strongly suggest that every business is insured against the cost of investigation. So strongly in fact, that we automatically build it in to our fixed fee agreements. Many of our clients have been very grateful for this insurance when HMRC have come knocking.
-
Company Year End
The legal and compliance burden put on businesses through the need to submit tax returns and other such documents to strict deadlines is often one of the most stressful elements of running a business.
Pop in or give us a call
We'd love to hear from you
When it comes to supporting small enterprises, helping them grow whilst avoiding regulatory and commercial pitfalls, we have a weath of experience, expertise and a kettle - a very good kettle. If you think we could be a good fit, get in touch to see how we can add value to your business.
Contact
About us