Self assessment deadline fast approaching

The deadline for submitting the online Self Assessmentand paying any tax owe is by midnight on 31st January 2019. While most self-employed people choose to file their Self Assessments online, it’s still possible to do so by submitting a paper return. Be aware though, HMRC must receive this by 31st October 2018.

If you don’t file your return and pay any tax due on time, you’ll face potential fines – and there are potential penalties too.

How much is the fine if I miss the Self Assessment filing deadline?

Anyone who is required to file a return but misses the deadline receives an automatic late filing penalty of £100 fine from HMRC – if you have an online account, this penalty will be added to it.

The fine is imposed regardless of whether you owe tax or not. If you fail to file within three months – that is, by the end of April – HMRC can then impose an additional £10 daily fine for the next 90 days, increasing the total penalty by £900 to £1,000.

Further penalties are imposed after six and then 12 months – and these could be based on the amount of tax you owe if a particularly large sum is outstanding.

On top, you’ll be charged interest on any unpaid tax due to HMRC.

Can I submit a Paper Self Assessment (SA100)?

Should you decide not to submit an online Self Assessment you can file a paper return, although the HMRC deadline for paper submissions is 3 months earlier, in which case this is 31st October 2018. However, if you miss that, and submit only a paper return after the deadline, the same fine regime applies. So, if you miss the deadline for paper return please file an online return instead by 31st January 2019.

Additional fines for late payment

This may sound obvious, but don’t forget that you must also have paid the tax you owe by the 31st January. If you didn’t pay in time then you’ll face these additional fines:

30 days late

5% of the tax due

6 months late

5% of the tax due at that date

12 months

5% of the tax due at that date

It’s that time of year again, and the 31st of January 2019 deadline draws near for the filing of tax returns and paying the tax due for the tax year 2017-2018. Inevitably, there are many landlords and self-employed individuals who still need to sit down, gather all of their receipts, invoices and numerous scraps of paper together, and put them into some sort of order before they can calculate the totals and the amount of tax payable. At Empire Tax & Corporate Solutions, we are happy to help the landlords and self-employed individuals to meet the deadline.

If you require any help with your tax return please do get in touch for free initial consultation. Just drop an email at or call us at 03330119454.