Deadline nears for tax self assessments - Money - News - Moneyfacts

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Deadline nears for tax self assessments

Deadline nears for tax self assessments

Category: Money

Updated: 03/01/2013
First Published: 03/01/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

People hoping to file their self-assessment tax return for the first time have been warned by HM Revenue & Customs (HMRC) that an automatic £100 penalty will be issued for all online tax returns received after 31st January.

Giving the not so gentle nudge, HMRC said anyone who does not meet the deadline risks not being able to submit their tax return on time.

Tax returns for 2012/13 must be sent online to HMRC by 31 January and remember, you must pay any money you owe on or before 31 January to avoid interest charges.

The longer the delay, the more that has to be paid. If a tax return is three months late, then a penalty has to be paid for each additional day it is late.

If it is six months late, then a further penalty has to be paid, while another final penalty comes into play if it is 12 months late.

It is also worth remembering that any amount remaining unpaid for up to 30 days after the payment deadline will be subject to an automatic late payment penalty of 5%.

All together, the fines could add up to a penalty of £1,600 or even more.

If you don't have your user ID or password for online tax returns it can take up to two weeks to get issued.

In order to register, simply visit HMRC Online and follow the instructions.

  • Once you've received your activation code, you can activate your account and complete your tax return online.
  • For help and advice on completing an online return call the Self Assessment helpline on 0845 9000 444.

And don't forget, 31st January 2013 is also the deadline for paying any tax that is owed for the 2012/13 tax year.

What next?

Tax on buy-to-let property and income

Tax relief on investment properties

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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