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We provide our clients with regular updates on changes in taxation regulation, news from the world of accounting and, of course, information about the latest developments at rachmistrz LLP.

Self-employed NIC penalties

Deadlines for sending in your tax return

31 October: all paper returns

If you send a paper tax return it must reach HMRC by midnight on 31 October.

You only have longer than this if you received the letter, telling you to send a tax return, after 31 July. In this case you'll have three months from the date you received that letter.

31 January: online returns

Your online tax return must reach HMRC by midnight on 31 January.

You only have longer than this if you received the letter, telling you to send a tax return, after 31 October. In this case you'll have three months from the date you received that letter.

There's an earlier deadline of 30 December if you want HMRC to collect any tax you owe through your tax code. You now can ask for this if you owe less than £3,000. Please show this clearly on your tax return. HMRC will try to collect the tax due through your code, but they can't always do so.

 

Penalties if you miss the tax return deadline

If you miss the deadline, the longer you delay, the more you'll have to pay. So it's important to send your tax return to HMRC as soon as you can.

Penalties for missing the tax return deadline

Length of delay

Penalty you will have to pay

1 day late

A fixed penalty of £100. This applies even if you have no tax to pay or have paid the tax you owe.

3 months late

£10 for each following day - up to a 90 day maximum of £900. This is as well as the fixed penalty above.

6 months late

£300 or 5% of the tax due, whichever is the higher. This is as well as the penalties above.
12 months late £300 or 5% of the tax due, whichever is the higher.
In serious cases you may be asked to pay up to 100% of the tax due instead.
These are as well as the penalties above.

 

You may find out about other changes in a consultation at our office.

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