Self Assessment: Time’s Running Out

January 20, 2017 by in category Blog tagged as , , , , , with 0 and 18

Don’t forget to file your Self Assessment tax return on time to avoid a fine

Self Assessment deadline image by Paul Maguire (via Shutterstock).

Hurry! The Self Assessment deadline for online tax returns is only days away. If you sent a paper tax return, like this one seen above, you would be fined for late payment (the deadline was the 31 October 2016). Image by Paul Maguire (via Shutterstock).

Were you one of the few who filed your tax return over Christmas or earlier? If you are, you could skip this article. Otherwise, read on. The Self Assessment deadline is only days away. At this time of writing, 10 days time.

In other words, the 31 January 2017. 2359 hours, 11.59 pm. One minute to midnight. The penalty for late payment is £100, irrespective of how much tax you owe HMRC. This is compounded with a 2.75% surcharge on outstanding bill. If three months late, there is a further daily penalty of £10.

If you’ve completed part of the form online (or have yet to start filling it in), you will also be notified in writing prior to the 31 January. By post and email. For further information on the Self Assessment process, the Money Saving Expert has published an excellent article on the process.

Last but not least, if you have any further queries, give us a call on 0114 240 2392. We shall get back to you as soon as possible.

Peach Wilkinson, 20 January 2017.

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