Perrys Accountant, Central London warns: online Self Assessment deadline is looming
As a specialist chartered tax accountant, Central London and Kent, here at Perrys we offer our clients the benefit of our experience and expertise on the frequently complex matter of Self Assessment tax returns.
In our previous article, which can be found here, we discussed the whys and wherefores of Self Assessment tax returns and in this article we'll be looking more specifically at deadlines and fines.
The deadlines for sending your Self Assessment tax return to HMRC
For tax year ended 5 April 2015, there are a number of deadlines associated with tax returns and it's vital to be aware of them to avoid being fined:
- To register for Self Assessment the deadline was 5 October 2015. However, HMRC generally won't charge a penalty provided you pay any liability in full by 31 January 2016
- Paper tax returns should have been submitted by midnight on 31 October 2015
- Online tax returns must be submitted by midnight on 31 January 2016
In addition, those who have not signed up to HMRC's online services will need to do so by 21 January 2016 at the very latest as it can take up to 7 working days to receive an online activation code..
Penalties for late submissions
For those who file their online returns after the deadline – midnight on 31 January 2016 – there will be an automatic penalty of £100. This penalty will increase further if your tax return is still outstanding 3, 6 or 12 months after the deadline. HMRC will also charge late payment interest and a late payment penalty if you settle your liability after this date.
HMRC's exceptions for a late submission
In certain cases HMRC will excuse a later submission, for example:
- Your partner died shortly before the tax return or payment deadline
- You had an unexpected stay in hospital that prevented you from dealing with your tax affairs
- Your computer or software failed just before or while you were preparing your online return
- There were "service issues" with HMRC's website
- A fire prevented you from completing your tax return
- Postal delays that you could not have predicted
You can rely on Perrys, tax accountant, Central London and Kent
The rules and regulations relating to Self Assessment tax returns can seem confusing. As a trusted tax accountant, Central London and Kent, we would advise that anyone who is unsure of how to submit their Self Assessment tax return should seek professional advice from a tax specialist.
In addition to our knowledge on everything relating to tax and Self Assessment – and related advice on matters, such as tax-free Personal Allowances and claiming Income Tax reliefs – we have built a reputation for providing strong and valuable accountancy services to clients of all sizes, ranging from individuals and sole traders to start-ups, established SMEs and larger blue chip businesses.
We are steadfast in our ethos of offering a service that is 'exceptional as standard', dispensing proactive advice and sharing our extensive knowledge to provide our clients with real value for money.
To find out how Perrys, the 7 branch chartered tax accountant, Central London and Kent, can help you or your business, please call us or visit your nearest branch.