Did you miss the Self-Assessment deadline?

Source: HM Revenue & Customs | | 04/02/2020

Are you among the over 958,000 taxpayers that missed the 31 January 2020 filing deadline for 2018-19 Self-Assessment returns? If you missed the filing deadline you will be charged a £100 fixed penalty if your return is up to 3 months late, whether you owed tax or not for the 2018-19 year.

If you do not file and pay before 1 May 2020, you will face far greater penalties. A daily penalty of £10 per day, up to a maximum of £900 (90 days), will be charged from 1 May 2020. Further penalties will apply if your return is still outstanding for more than 6 months after the 31 January 2020 filing deadline. From 1 August 2020, you will be charged a penalty the greater of £300 or 5% of the tax due. If your return still remains outstanding one year after the filing deadline, further penalties will be charged from 1 February 2021.

You can appeal against any penalties that have been issued and HMRC has said that they will treat appeals where tax-payers have genuine excuses, leniently. However, you need to act fast and the excuse must be genuine and HMRC can ask for evidence to support any claim. An appeal must usually be made within 30 days of receipt of the penalty.

If you need help sorting out a late return, please call. It is better to resolve any late filing issues sooner rather than later in order to reduce your exposure to interest and penalty charges. We can also help you make an appeal if you have a reasonable excuse for late filing.



 

Latest News

Tax Diary April/May 2020
31/03/2020 - More...
1 April 2020 - Due date for Corporation Tax due for the year ended 30 June 2019. 19 April 2020 - PAYE and NIC deductions due for month ended 5 April 2020. (If you pay your tax

Converting assets into cash in the bank
31/03/2020 - More...
During and after any period when economic activity is depressed, companies that survive the process are those that manage their cashflow effectively. A number of businesses will

Deferring VAT and tax payments
31/03/2020 - More...
As part of the government’s response to assist businesses during the COVID-19 crisis is the offer to defer VAT and self-assessment tax and NIC payments. VAT HMRC will not

Search


Newsletter

With our newsletter, you automatically receive our latest news by e-mail and get access to the archive including advanced search options!

» Sign up for the Newsletter
» Login