Don't miss the 31 January Tax Return deadline
Updated: Aug 24
Be sure to have submitted your Tax Return and paid your tax by the 31 January deadline.
What happens if you are late?
The Self-Assessment penalty regimen is nicely summarised in this video:
In detail, the penalties for late submission and late payment are treated separately as follows:
Penalties for late submission
You will be charged a penalty of £100, even if you do not owe any tax.
If you are three months late, you will be charged a daily penalty of £10 per day, up to a maximum of £900
If you are six months late, there will be a penalty of £300 (or 5% of the tax owing if this is greater)
If you are 12 months late, you will be charged another £300 (or 5% of the tax owing if this is greater). In exceptional circumstances, a higher penalty of up to 100% of the tax due is possible
If you are in a business partnership, the penalties apply both to the late submission of the partnership return and the individual partner’s returns
Penalties for late payment
5% of tax unpaid after 30 days
Another 5% of tax unpaid after 6 months
Another 5% of tax unpaid after 12 months
Appealing against a penalty
Have you already submitted your SA Tax Return?
Then be sure to pay your tax bill before 31 January / 31 July: https://www.gov.uk/pay-self-assessment-tax-bill
Just for fun, here are some of HMRC's best excuses and questionable expenses
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