The Fines For Missing Self-Assessment Deadlines.
If you are self-employed or a sole trader you need to have your self-assessment ready. If you miss the self-assessment deadline of 31st January, you will be fined £100 for late return.
Are you self-employed or a sole trader? Then you need to ensure you have your self-assessment ready, completed and filed by the deadline. You then need to complete the self-assessment within 30 days. If you do not complete it by the second deadline then you will have 5% added onto the charge.The Fines For Missing Self-Assessment Deadlines are as follows…
HMRC will then give you another 90 days to complete the self-assessment, after the £100 fine has been paid and the 5% charge added. After these 90 days, you will be charged £10 a day in fines until the self-assessment is completed and returned.
It’s important to note that there are different charges for a late self-assessment return and late payment of the tax owing.
Some business owners think that as they do not owe any tax, they do not need to complete the self-assessment. This is not correct. Even if you don’t owe any tax, you must still complete the self-assessment on time. If not, you will be liable for the late fines laid out above.
You need to complete your self-assessment and any tax owing, must be paid. Paying your tax owing late, will result in late fines. If you have not paid your tax owing by the 1st March this will be 30 days and you will get a 5% late charge on your taxing owing on that day.
However, if the amount of tax owing is still not paid 6 months later, by the 1st August, then you will get a further 5% late charge on the tax owing.
The Fines For Missing Self-Assessment Deadlines. Payment not made by 12 months later, 1st February, will result in a further 5% charge on the tax owing on that day. Interest is charged on all tax owing, this includes the amount added in late charges, at a rate of 3%.
If you are worried about your upcoming self-assessment returns and worry you might not meet the deadline, call us now. We can manage your self-assessment return for you and make sure it gets completed and paid on time.
However, the longer you leave it, the more you’ll put yourself at risk of landing the late charges. Call us now to avoid the late charges.
