Self Assessment Tax Return in London
Who needs to complete a self assessment tax return
What are the main things I need to know about self assesment
A tax year runs from 6 April to 5 April. A tax return must be filed electronically by 31 January the following year or by 31 October if you are filing using a paper tax return.
Tax must be paid by 31 January following the 5 April tax year. If you fall under the "payment on account" rules, you must also make a payment in respect of the following year on 31 January and 31 July.
What if I do nothing
If you have a reasonable excuse, HMRC will remove the penalties. What you think is reasonable might be at odds with HMRC and often these disputes are taken to a tax tribunal for an independant decision. If HMRC disagree with your excuse, the following HMRC tax penalties await you:
- 1 day late - £100
- 3 months late - £10 per day, a max of £900
- 6 months late - £300
- 12 months late - £300
If you will struggle to pay you tax bill - HMRC may agree a time to pay arrangement with you depending on your personal circumstances. If you don't speak to HMRC and don't pay your tax the following interest charges appy:
- 5% - if the payment is 30 days late
- A further 5% - if the payment is 6 months late
- A further 5% - if the payment is 12 months late
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