UK Self Assessment Tax Return

UK Personal Tax Filing Service

If you are self employed or running a business or working as a freelancer you will need to fill in a self-assessment tax return every year. Filing tax return online is a quick & safe way of making sure to be on the right side of HMRC. The process of self assessment seems complicated as the government often make changes to it, so for stress-free self assessment tax return contact our dedicated team of self-assessment tax return.

Have you missed the 31 January self-assessment tax return deadline?

Following this date, if you fail to submit your online self-assessment tax return, you will be required to pay a tax authority imposed initial fixed penalty of £100 which increases with further delay as well as late payment interest.

Who needs to file a Self-assessment Tax Return?

• Have become a UK company director
• Receive income from land and property in the UK
• Receive taxable foreign income in excess of £300 a year
• Receive annual income from a trust or settlement
• Your employment income is going to exceed £100,000
• You have been receiving untaxed income that cannot be collected through your PAYE code
• Have capital gains tax to pay

Missed tax return deadline?

If you do not pay the tax you owe for the previous tax year on time, the more you delay, the more you will be required to pay. This is why it is imperative that you pay the tax as soon as you can.

The information below details the penalties you will have to pay if your tax return is late. If a Partnership tax return is late, then each partner will be required to pay the penalties shown below.

Penalties for missing tax return deadline

1 day late: A penalty of £100 which will apply even if you have no tax to pay or have already paid the tax you owe.

3 months late: £10 for each following day – up to a 90 day maximum of £900. This is in addition to the fixed penalty above.

6 months late: £300 or 5% of the tax due, whichever is the higher. This is in addition to the penalties above.

12 months late: £300 or 5% of the tax due, whichever is the higher.

In extremely severe cases, you may be requested to pay up to 100% of the tax due instead in addition to the penalties above.

Interest & penalties for late tax return filing

If you do not pay the tax you owe for the previous tax year on time, the more you delay, the more you will be required to pay.

Penalties for paying late

30 days late: 5% of the tax you owe at that date.

6 months late: 5% of the tax you owe at that date including the 5% above.

12 months late: 5% of the tax unpaid at that date including the two 5% penalties above.

The penalties above do not apply to any payments on account that you pay late. Until HMRC receive your payment, you will be charged interest on anything you owe and have not paid, including any unpaid penalties.

How we can help you

Being an international accountancy firm, More Group provides peace of mind by providing comprehensive accounting support ensuring that the preparation and filing of your self-assessment is completed accurately and on time.

We will make sure you are registered with HMRC and that your online account is activated. More Group will also handle the entire tax return process and deal with HRMC on your behalf. So don’t miss the January tax return deadline.