The deadline for sending 2016-17 Self Assessment tax returns to HMRC, and paying any tax owed, is January 31 – tomorrow!
As of last week, three million people still hadn’t filed their returns according to HMRC. If you miss it, you’ll be slapped with an initial £100 fine, then from the 1st May you’ll be charged an additional £10 a day up to a maximum of £900. Then after six months, you’ll be charged a further penalty of 5% of the tax you owe, or £300, whichever is greater. There are also additional penalties for paying late of 5% of the tax unpaid at 30 days, six months and 12 months.
Help is available from the gov.uk website at www.gov.uk/selfassessment or call the helpline on 0300 200 3310.
If you are late with your submission be warned, don’t use these excuses: