Do you know when the self-assessment tax return deadlines are? Did you know that there are penalties in place if you submit after the deadline? Find out more by reading below.

What do I need to know?

The due date for filing your self-assessment tax returns online is 31 January after the end of the tax year it relates.

Self-assessment tax returns for 2017/18 should have been filed online by midnight on the 31 January 2019, and self-assessment returns for 2018/19 must be filed online by midnight on 31 January 2020.

You can submit your self-assessment tax return via a paper return. It does not have to be filled online.

If you have received a notice to file the return after 31 October following the end of the tax year, then you will be given a later deadline, which is 3 months from the issue notice which will fall after the normal 31 January deadline.

Late penalties

If you file your tax return late then you will be issued with a penalty charge by HMRC (unless there is a valid excuse for filing a late return which is acceptable by HMRC).

A penalty will apply if your online return is not filed by 31 January after the end of the tax year.

How much are the penalty amounts?

If the filing deadline is missed, then an automatic penalty of £100 will be charged, even if there is no tax to pay.

If the return is still outstanding after three months of the filing deadline, then further penalties will apply.

For online returns, after 1st May a daily penalty of £10 per day is charged for a maximum of 90 days. It is essential that you file the return as soon as possible, as each day will cost a further £10.

Further penalties will be issues if the return has still not been filed after another three months (i.e. 1 August when the deadline was January). If this is the case then the penalty is £300, or if greater then it will be 5% of the tax outstanding.

If after 12 months after the deadline it has still not been filed, then a further penalty greater than £300 or 5% of the outstanding tax charge will be issued.

The penalties will soon mount up and can reach £1,600 or more where the return is 12 months late.

Further Actions

You must ensure that you have your self-assessment tax return ready in time for the deadline. If you do submit your return late, then seek help from an accountant so that you avoid late penalty charges.

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