3 weeks left until the self-assessment deadline!

Self-assessment deadline

Taxpayers who have yet to complete their self-assessment tax return for the 2018/19 tax year have just three weeks to file it online before the deadline of midnight on 31 January 2020. 


More than 11 million 2018/19 self-assessment tax returns are due to be filed by the end of January.


As well as submitting the form, any tax liability due also needs to be settled by 31 January. This will usually comprise any balance outstanding for 2018/19 plus the first payment on account towards 2019/2020.


People who are self-employed or have more than one source of income are usually required to complete a self-assessment tax return.


To complete your self-assessment return you’ll need your login information and up-to-date financial records from 2018/19 to hand. Once you have completed the return, HMRC will calculate and send you the amount of tax due, which also needs to be paid by the deadline of 31 January.


If taxpayers completed a self-assessment tax return last year but did not have any tax to pay, they will still need to complete a tax return this year unless HMRC has written to them to say they are not required to file a tax return.


If individuals have difficulty in settling their tax liabilities they should contact HMRC as soon as possible to agree a payment plan, which should help to mitigate any penalties.


If an individual is required to submit a tax return and fails to do so on time, automatic penalties will be levied. The penalties for late tax returns are:

  • An initial £100 fixed penalty, which applies even if there is no tax to pay, or tax due is paid on time
  • After 3 months, additional daily penalties of £10 per day, up to a maximum of £900 can be added
  • After 6 months, a further penalty of 5% of the tax due or £300, whichever is greater
  • After 12 months, a further 5% or £300 charge, whichever is greater
  • There are also additional penalties for paying late the 5% of the tax unpaid at 30 days, 6 months and a year.