Self-Assessment Tax Returns: Filing Deadline

We are fast approaching the 31st January filing deadline.

HM Revenue and Customs (HMRC) must receive your tax return and any money you owe by the deadline.

You’ll get a penalty if HMRC send you a notice to send a Tax Return and you miss the deadline for submitting it or paying your bill.

If you cannot pay your Self Assessment tax bill

You can set up a payment plan to spread the cost of your latest Self Assessment bill if:

  • you owe £30,000 or less
  • you do not have any other payment plans or debts with HMRC
  • your tax returns are up to date
  • it’s less than 60 days after the payment deadline

You do not need to contact HMRC if you set up a payment plan online through your Government Gateway account. – This is the same account you would have used to claim the Self-Employment Income Support Scheme grant.

Penalties Explained;

You’ll get a penalty of £100 if your tax return is up to 3 months late. You’ll have to pay more if it’s later;

3 months late:- £10 for each additional day (capped at 90 days), plus  the £100 initial fine – maximum of £1,000

6 months late:- Either £300 or 5% of the tax due (whichever is higher), on top of the penalties above

12 months late: An additional £300 fine, or 5% of the tax due, plus the above penalties. In the most serious cases, you may be fined 100% of the tax due.

You could also face the following penalties if you pay late:

After 30 days: a charge equal to 5% of the tax outstanding,

After six months (31 July): a further 5%.

After 12 months (31 January the following year): an additional 5%.

These charges are separate, and in addition to, any charges for filing your tax return late.

If you have a reasonable excuse, you may be able to appeal against a penalty, find out more on the HMRC website.

If you’re affected by coronavirus (COVID-19)

HMRC will consider coronavirus as a reasonable excuse for missing some tax obligations (such as payments or filing dates).

Explain how you were affected by coronavirus in your appeal. You must still make the return or payment as soon as you can.