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The Self Assessment deadline is Jan 31st (every year). You must complete and submit your tax return, pay any tax due and take care of your first payment on account of the year before this date. Failure to submit and pay could leave you with a fine and other possible repercussions.

What is the fine for missing the self assessment deadline?
Failure to submit your return before the deadline will result in an automatic £100 fine from HMRC. This is imposed regardless of whether or not you owe any tax. Further penalties are imposed after 3,6 and 12 month periods – plus interest on any unpaid taxes.

Can you escape the HMRC fine ?
HMRC says it will not impose the late filing penalty for people who have a “reasonable excuse”. Fines will typically always be waived / suspended if HMRC’s online services have been down. Please note HMRC will not cancel penalties for those who have found the Self Assessment online system difficult to use or did not receive the automated reminder. To make an appeal against a HMRC fine you must complete a SA370.

What should you do next?
If you are already register to complete self assessment online you must have/remember your login details to begin. Collect all financial info for the year, including: invoices/income, expenses/receipts, bank interest confirmation, any P60s, pension contributions and other relevant documentation.

Some words of wisdom..
Self Assessment can be confusing, complicated and time consuming – but remember that if you are completing self assessment by yourself, take your time. Preparation is key. Keep good records, store your gateway username/password in a safe place and set yourself a plan to complete your return as early as possible. Good luck!

Need help submitting your Self Assessment tax return? Hire a virtual accountant or tap into our community / post a question on the forum..

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