01 Dec Self Assessment deadline reminder
The deadline for submitting 2015-16 Self Assessment tax returns online is 31 January 2017. 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 2015-16, plus any payment on account due for the current 2016-17 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 for 2015-16 has expired. There are penalties for late Self Assessment returns including an automatic £100 penalty for submitting a late return even if there was no tax to pay or the tax due was paid on time.
Last year 2,044 taxpayers took the time to file their tax return online on Christmas Day and a record-breaking 24,546 taxpayers filed their tax returns on New Year’s Eve. There were even 600 taxpayers up and down the country who took the time to submit their return between midnight and 10am on New Year’s Day! Plan early and try to avoid working during this holiday period!
Taxpayers with certain underpayments in the 2015-16 tax year can elect to have this amount collected via their tax code (in 2017-18), 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 2016.