The Self-Assessment race is on

deadline

Taxpayers who have yet to complete their self-assessment tax return for the 2017/2018 tax year have until midnight on 31th January 2019 to file it online.

 

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

 

Last year, 26.6% of all returns were submitted on 30th and 31st January, with 30,248 left until the last hour. 745,588 people missed the deadline and received fines of £100 or more for late filing.

 

To complete your self-assessment return, you’ll need your login information and up-to-date financial records from 2017/18 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 31st January.

 

This year 11,564,363 self assessment returns are due. As of 22nd January 2019, 8,063,500 (70%) returns have been received. 91% of total filled returns were filed online, with just 703,943 returns filed on paper.

 

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, another 5% or £300 charge, whichever is greater
  • There are also additional penalties for paying late of 5% of the tax unpaid at 30 days, 6 months and 12 months.