• John Massey

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

If you have a reasonable excuse for why you missed the tax return filing deadline, you have 30 days to appeal against the penalty using form SA370

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

Would you like help to pay less tax? Feel free to get in touch or check out our related posts 👇

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