Self Assessment deadline
Taxpayers are reminded that the deadline for submitting 2012/13 Self Assessment tax returns online is31 January 2014. Taxpayers should also be aware that payment of any tax due should also be made by this date. This includes both the payment of any balance of Self Assessment liability for the 2012/13, plus any payment on account due for the current 2013/14 tax year.
A recent press release by HMRC revealed some of the oddest excuses for submitting a late return. The excuses included‘My husband told me the deadline was 31 March, and I believed him’ and from a farmer who reported that‘I had a run-in with a cow’.
HMRC’s Director General of Personal Tax, Ruth Owen, said:
‘There will always be unforeseen events that mean a taxpayer could not file their tax return on time. However, your pet goldfish passing away isn’t one of them.’
The following penalties applies to Self Assessment returns that are filed late:
- From day one: taxpayers will be charged a £100 penalty even if they have no tax to pay or have paid any tax due on time.
- From 3 months late: taxpayers will be charged an automatic daily penalty of £10 per day up to a £900 maximum.
- From 6 months late: taxpayers will be charged additional penalties which are the greater of 5% of tax due or £300.
- Over 12 months late: there are additional penalties based on greater of 5% of tax due or £300. In serious cases this penalty may be increased up to 100% of tax due.
Last year 578,000 returns were filed on the 31 January. We would urge all taxpayers and agents to file returns as soon as possible to avoid the last minute rush.