Penalties for both failed to submit the tax return and
failed to pay the tax bill. This system started from year 2010/11 onwards.
Register for Self-assessment: You should register by 5
October
Paper tax returns: 31 October
Online tax returns: Midnight 31 January
Pay the tax you owe: Midnight 31 January
Payment on account: 31 July is an additional payment deadline
if you pay in advance towards your tax bill.
Late Filing:
Missing filing deadline, Midnight 31 January- Penalty £100
3 months late, not filed by midnight 30 April- Daily penalty
starts from 1 May- Additional penalty of £10 per day for up to 90 days (£10*90)
£900.
6 months late, Not filed by midnight 31 July – Further Penalty
of £300
12 months late- Not filed by midnight 31 January- Further Penalty
of £300
If you self-assessment tax return was not submitted by the deadline
31 January, you incur £100 penalty. And it is still outstanding on the
following year 31 January which means your return is 1 year (12 months late),
your total penalty would be a total of £1600.
Please CONTACT US to submit your tax return on time.
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Disclaimer: The information provided in this blog is brought to you by Taj Accountants. As you are reading this blog of your own free will, any information taken from this blog is at your risk. Before using the information provided to apply, to your business seek professional or legal advice. Taj accountants will not be liable for any damages.
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