Self Assessment deadlines

03 Dec Self Assessment deadlines

Taxpayers are reminded that the deadline for submitting 2014/15 Self Assessment tax returns online is 31 January 2016. Taxpayers should also be aware that payment of any tax due should also be made by this date. This includes both the payment of any balance of Self Assessment liability for the 2014/15, plus any payment on account due for the current 2015/16 tax year.

Any taxpayers that are filing online for the first time should ensure that they register to use HMRC’s Self Assessment online service as soon as possible. Once registered it can take up to seven working days for an activation code to be sent by mail. All filings should now be made online as the deadline for submitting paper returns has expired.

The following penalties apply to Self Assessment returns that are filed late:

  • From day one: taxpayers will be charged a £100 penalty even if they have no tax to pay or have paid any tax due on time.
  • From 3 months late: taxpayers will be charged an automatic daily penalty of £10 per day up to a £900 maximum.
  • From 6 months late: taxpayers will be charged additional penalties which are the greater of 5% of tax due or £300.
  • Over 12 months late: there are additional penalties based on greater of 5% of tax due or £300. In serious cases this penalty may be increased up to 100% of tax due.

Last year over 1,700 people filed their Self Assessments returns online on Christmas Day and over 22,000 taxpayers filed their tax returns on either Christmas Eve or Boxing Day. Plan early and try to avoid working during this holiday period!

Taxpayers with certain underpayments in the 2014-15 tax year can elect to have this amount collected via their tax code (in 2016-17), provided they are in employment or in receipt of a UK-based pension. The deadline to apply to have tax collected through your tax code is 30 December 2015 for electronic submissions.

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