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So you’ve missed the Self Assessment deadline, now what?

By February 9, 2023March 6th, 2023No Comments

Did the Self Assessment deadline slip your mind? Let us reassure you that you’re not alone – HMRC estimates that 600,000 people missed the deadline

But what should you do now? Well firstly, don’t panic! In this blog post we’re outlining the next steps you need to take and what you can do if you had reason to miss the deadline or are struggling to pay your tax bill.


What penalty will you receive for missing the Self Assessment deadline?

Regardless of whether you’ve paid your tax bill or you had no tax to pay, if you didn’t submit your return by 31st January you’ll be given a fixed £100 fine. And the longer you leave it, the more penalties you’ll accumulate – after three months you’ll receive a further daily penalty of £10 (up to a maximum of £900); after six months you’ll receive either another £300 fine or 5% penalty of the tax that you owe (whichever is higher); and if you still haven’t submitted your return after 12 months, you’ll receive another £300 fine or a further 5% penalty (again, whichever is highest).

In addition to late filing penalties, you’ll be charged additional penalties for not paying your tax bill on time. If you’re 30 days late, you’ll be fined 5% of your tax bill; at 6 and 12 months overdue, you’ll be charged 5% of the tax that is due at that date. Don’t forget – you’ll also be charged interest on this too!


Submit your Self Assessment immediately!

So the best thing to do to avoid further penalties is to submit your Self Assessment as soon as possible. Without this, you won’t know how much tax you need to pay and therefore won’t be able to move forward. If you’d like some help in filing your return, please get in touch with our accountants for guidance or assistance.

If you filed your Self Assessment on time but you forgot to pay your tax bill, again this needs to be done as soon as possible to limit the penalty and interest charges you’ll receive. There are various ways that you can pay your tax bill, which you can find out more about here.

If you’ve received notice that your Self Assessment is overdue but you don’t think you are required to file one, you’ll need to contact HMRC to discuss this.


If you have a reasonable excuse or can’t pay, contact HMRC

If you had a genuine reason for failing to meet the deadline (such as if you had a family bereavement, serious illness or a fire or flood), then HMRC might waiver the penalty incurred. But it’s worth noting that you only have 30 days to appeal it and before you can do so, you’ll need to have submitted your Self Assessment and paid any tax owed. Visit the HMRC website to learn more about appealing a penalty and what HMRC deems as a reasonable excuse.

If you find yourself in a position where you’re struggling to pay your tax bill, do get in touch with HMRC as soon as possible as there are potential solutions and you may be able to set up a payment plan.


Next year – avoid the late-minute rush!

Self Assessment tax returns can be completed as soon as the tax year ends – so from the 6th April. No-one likes completing tax returns; they’re complicated and can be frustrating and difficult to get right, but getting it sorted and out of the way early will help to ease the pressure and gives you advance notice of how much tax you’ll owe come January.

If the thought of another Self Assessment is filling you with dread, why not let us take care of it for you? Take a look at our Self Assessment services to find out more. But please be aware this is a highly popular service and it does get booked up months in advance, so if you’re likely to want Self Assessment help for the next tax year, we recommend you get in touch now.

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