Self AssessmentAccounting Services

Self-Assessment Tax Return

Deadlines for paying your tax

31 January

You are required to pay any tax you owe by 31 January following the end of the tax year.

For example, for the tax year 2011-2012 (ending on 5 April 2012), you are required to pay any tax you owe by 31 January 2013.

The payment deadline is the same for paper and online returns.

You will need to pay one or both of the following:

    any tax you still owe for the previous tax year
    the first of two "payments on account"

Payments on account are partial payments towards your next tax bill. You do not always have to pay these but it will depend on the sum of tax due and the kind of income you receive.

31 July

This is the deadline for making any further payments on account. Therefore, on Tuesday 31 July 2012, you were required to make your second payment on account for the 2011-2012 tax year.

Missed Deadline

If you do not pay the tax you owe for the previous tax year on time, the more you delay, the more you will be required to pay. This is why it is imperative that you pay the tax as soon as you can. The information below details the penalties you will have to pay if your tax return is late. If a Partnership tax return is late, then each partner will be required to pay the penalties shown below.

Penalties for missing the tax return deadline:
Length of delay

Penalty you will have to pay
1 day late

A penalty of £100. This will apply even if you have no tax to pay or have already paid the tax you owe.
3 months late

£10 for each following day - up to a 90 day maximum of £900. This is in addition to the fixed penalty above.
6 months late

£300 or 5% of the tax due, whichever is the higher. This is in addition to the penalties above.
12 months late

£300 or 5% of the tax due, whichever is the higher.

In extremely severe cases, you may be requested to pay up to 100% of the tax due instead in addition to the penalties above.

Interest & Penalties

Again, if you do not pay the tax you owe for the previous tax year on time, the more you delay, the more you will be required to pay.

Penalties for paying late:
Length of delay

Penalty you will have to pay
30 days late

5% of the tax you owe at that date.
6 months late

5% of the tax you owe at that date including the 5% above.
12 months late

5% of the tax unpaid at that date including the two 5% penalties above.

The penalties above do not apply to any payments on account that you pay late.

Interest Charges

You will be required to pay interest on anything you owe and have not paid, including any unpaid penalties, until HMRC receives your payment.
From

Late payment %

Repayment %
29 Sep 2009

3.00

0.50

How can we help you?

We understand that managing your tax affairs and keeping abreast of all the latest tax rules can be a challenge. We have a dedicated personal income tax team who can support you in all aspects of managing your tax affairs including Self-Assessment. As part of our on-going management of your Self-Assessment tax affairs, we will provide you with a proactive and personal service in developing a tailored tax planning solution that complies with regulations, maximises your wealth and ensures that you are fully prepared to meet all Self-Assessment deadlines going forward.

If you are interested in any of our services and would like to book a free consultation to discuss how we may be able to assist you, please contact Tommy or Drew.