The Government is urging the more than 5 million taxpayers who have not yet submitted their Self-Assessment tax return to make sure they do so before the 31 January deadline under its ‘Get Quacking’ campaign.
More than 11 million tax returns for the 2018-19 tax year are due to be filed with HM Revenue & Customs (HMRC) by the end of this month. More than 50 per cent of taxpayers have already made their return but 5.4 million still need to do so.
As well as individuals who receive any form of untaxed income, those who need to need to complete a tax return include self-employed sole traders and partners in a business partnership.
Anyone who submits their self-assessment tax return after the 31 January deadline could face penalties, starting with an initial £100 fixed penalty, which is due even if there is no tax to pay.
Then after three months, additional daily penalties of £10 per day may be charged, up to a maximum of £900, while after six months, there is a further penalty of 5 per cent of the tax due or £300, whichever is greater.
After 12 months, there is another 5 per cent or £300 charge, whichever is greater and there are also additional penalties for paying late of 5 per cent of the tax unpaid at 30 days, six months and 12 months. Interest will be charged on all late payments.
When HMRC launched its humorous duck-themed approach to getting Self-Assessment tax returns in on time in 2017, it resulted in one of its most successful years.
For help and advice with any aspect of your self-assessment tax return contact a member of our team today.