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Author: JW / / Latest News

Self Assessment Tax Return Deadline is Looming!

Now that the 31st January 2019 Tax Return deadline is looming please sign and return your completed tax return to us to from submission to HMRC. We do not want any of our clients to receive unnecessary late filing penalties.

Penalties

HMRC will charge an initial penalty of £100 if your tax return is filed after 31 January 2019.

Additional penalties for continuing failure to submit the return will be charged.

Late payment of tax

For balancing payments due on 31 January HMRC will charge the following penalties if tax is paid late:

  • A 5% penalty if the tax due on 31 January is not paid within 30 days (the ‘penalty date’)
  • A further 5% penalty if the tax due on 31 January is not paid within 5 months of the penalty date (i.e. by 31 July)
  • Additionally, there will be a third 5% penalty if the tax due on 31 January is not paid within 11 months of the penalty date (i.e. by the following 31 January).

These ‘late payment’ penalties are in addition to the interest that is charged on all outstanding amounts, including unpaid penalties, from due date to date of payment.

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