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Self assessment tax returns

Published: 07/01/2019 By Aravinth Kirupakaran

It’s that time of the year where you need to submit your self assessment tax returns. With the deadline of 31st January 2019 approaching fast why don’t you get in touch and we can help submit it on time to avoid any penalties.

Penalties for submitting a tax return not on time:

If you fail to file a return by the due filing date 31st January 2019, the following penalties apply:

· There is a fixed penalty of £100.00 if it’s filed after the due date.

There are additional penalties if it’s:

· Filed more than 3 months late – In addition to the £100.00 late filing penalty above, there is also a daily penalty of up to £10.00 per day up to a maximum of 90 days.

· Filed more than 6 months late - the penalties all above are applicable and an additional 5% of the tax you already owe are due

Example:

Mr X filed his tax return six months late and his tax due was £1,000.00, the penalty would be:

· Automatic £100.00 penalty

·  Also a daily penalty of up to £10.00 per day for a maximum of 90 days which is £900.00

· On top of all the above 5% of £1,000 tax that is due so £50.00

Due to Mr X filing his return six months late, he would have had to pay the £1,000.00 tax that was due plus £1,050.00 penalty.

Why take the risk of filing your return late when you can get in touch on 0208 661 7878 where a member of our expert accounts team can help complete it for you.