Self Assessment deadlines
Taxpayers are reminded that the deadline for submitting 2012/13 Self Assessment tax returns online is 31 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. HMRC have recently published new guidance for tax agents and advisers to help them manage the 31 January 2014 deadline.
Any taxpayers that are filing online for the first time should ensure that they register to use HMRC’s Self Assessment online service as soon as possible. Once registered it can take up to seven working days for an activation code to be sent by mail. All filings should now be made online as the deadline for submitting paper returns was 31 October 2013.
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.