Taxpayers who have yet to file a tax return for 2015-16 have just a short time left to take action if they want to avoid a financial penalty.
If you owe less than £3,000, for the tax year ended 5th April, HMRC will collect tax through your PAYE code. The deadline for submitting your online self-assessment is midnight on December 30.
For all other online returns, including balancing payments, you have until 31 January 2017 to file online. After that date – even if you have no tax to pay – you will receive an automatic £100 late filing penalty.
To avoid the penalty, taxpayers must submit an online return by midnight on 31 January 2015. Our advice is to plan ahead and ensure we receive everything from you in plenty of time so that penalties can be avoided
For more information and guidance on our tax compliance and self-assessment planning services, please contact us.