As existing Self-Assessment tax filers will be aware, the deadline for online submission of your 2016-17 Self Assessment tax return is 31 January 2018. This is also the date that the payment is due for the balance of any Self Assessment liability for 2016-17, and the due date for any payment on account due for the current 2017-18 tax year.
There are penalties for late Self Assessment returns including an automatic £100 penalty for submitting a late return even if there was no tax to pay or the tax due was paid on time.
The following additional penalties apply to Self Assessment returns that are filed late:
- From 3 months late: taxpayers will be charged an automatic daily penalty of £10 per day up to a £900 maximum.
- From 6 months late: taxpayers will be charged additional penalties which are the greater of 5% of tax due or £300.
- Over 12 months late: there are additional penalties based on greater of 5% of tax due or £300. In serious cases this penalty may be increased up to 100% of tax due.
If you are struggling to meet the 31 January 2018 filing deadline we can help.
The filing deadline for taxpayers with certain underpayments in the 2016-17 tax year, and who want to apply to have tax collected through their tax code (in 2018-19), is even earlier – 30 December 2017.
Completing your 2017 tax return will also ensure that you know how much you will need to pay HMRC at the end of January 2018.