HM Revenue and Customs (HMRC) customers are being warned of a looming deadline that could see them slapped with a hefty fine if missed. While the majority have until the end of January next year to submit their tax return for the previous tax year, some individuals only have until the end of October.
Those required to submit a paper tax return have a deadline of 31 October. HMRC has emphasised that failure to meet this deadline could result in a late filing penalty, the amount of which can vary significantly depending on the degree of lateness and the amount owed in taxes.
Bear in mind, if you haven’t yet begun filling out your paper tax return and aren’t accustomed to doing so, it may take some time. Consequently, it’s ill-advised to rush through the return on the day of the deadline as you risk missing it inadvertently and facing a potential penalty.
HMRC guidance states: « You can send your tax return anytime on or after 6 April following the end of the tax year. You must send your tax return by the deadline or you’ll get a penalty. »
Penalties for filing a tax return late
HMRC can impose a financial penalty for any late tax return. Starting with a flat £100 fee, this can quickly escalate if ignored.
If you fail to submit your tax return within three months of the deadline, you’ll be hit with additional penalties of £10 per day up to a maximum of £900. If six months pass, this penalty will escalate to 5% of the tax due or £300, whichever is higher.
After a year, an extra charge of 5% or £300 will be levied – again, whichever figure is the highest. HMRC guidance emphasises that these fees can be easily dodged by simply returning your Self Assessment tax return promptly.
How to send in your tax return for Self Assessment
If you haven’t begun your paper tax return yet, or are unsure where to start, your first step should be to download and print off an SA100 tax return form from HMRC. The sections of the form you need to complete will vary greatly depending on whether you’re employed, self-employed, or part of a business partnership.
Guidance from HMRC states you may need the following to help you fill in the form:
- A P60 ‘End of Year Certificate’
- A P11D ‘Expenses or benefits’
- A P45 ‘Details of employee leaving work’
- Payslips or your P2 ‘Paye Coding Notice’
- Your profit or loss account
- Business records
- Bank statements
- Building society passbooks
- Divident counterfoils
- Investment brokers’ schedule
- Personal pension contribution certificates
Further advice on how to file your tax return can be found here.
