What if I miss the tax return deadline?

Tax return form 2016Should you fail to meet the deadline to submit your self-assessment tax return there are penalties which HMRC will charge automatically.

The first deadline is the 31st October for paper returns, but if you miss that deadline you are not fined as long as you submit the electronic version before the 31st January, but if you miss this deadline, and fail to pay any tax due by the same date then the fines can add up quickly.

  • The first fine is £100 for failing to file your return, even if no tax is due, or you are due a refund
  • After 3 months HMRC will increase the fine by an additional £10 per day, up to a maximum of £900
  • After a further 3 months an additional fine of 5% of the tax due will be added, or £300 whichever is the greater.
  • After another 6 months, i.e. 12 months from the 1st January a further 5% or £300 is added, again whichever is the greater

These fines are in addition to each other, so in some cases a return filed a year late could face fines of £1,600, and that is without any tax being due.

In addition, you could be liable for interest and late payment penalties for any late payment of tax.

So now is the time to contact your accountant to get the returns completed, especially if you are not registered with an accountant and they need to register as your agent first before they can file your return.

For a free no-obligation consultation about your tax affairs, contact us today.

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