If you prefer to fill out your self-assessment tax return on paper rather than online, you need to be aware that the deadline is rapidly approaching.
Paper tax returns for the tax year ending 5 April 2016 need to reach HM Revenue & Customs (HMRC) by midnight on Monday, 31 October 2016.
Failure to meet the 31 October deadline can prove costly. Even if your tax return reaches HMRC only a day late, you’ll have to pay a £100 charge, even if you have no tax to pay or have paid any tax you owe.
If the return is three months late, there is an additional penalty of £10 per day, up to a maximum of 90 days. For failures to file a return for six months, and again at 12 months, there will be a further penalty of five per cent of the tax due or £300, whichever is greater, and penalties will continue to climb with further delays.
For returns filed online, the deadline for submissions is midnight on 31 January 2017.
For help and advice from Moore Thompson regarding tax and self-assessment, please contact us.