According to HM Revenue & Customs approximately 958,000 self-assessment tax returns for the 2018-19 tax year were not filed by the 31 January 2020 filing deadline.
As a result, anyone who has missed the deadline will automatically be issued with a £100 late filing penalty notice. This has to be paid irrespective of your tax position. The penalty notices are normally issued in February to those who missed the deadline.
If your tax return is still outstanding as at 1 May 2020, a penalty of £10 per day will be charged for a maximum of 90 days. For example, if you submit your tax return on the 11 May 2020, a further penalty of £100 will be charged. This is in addition to the first late filing penalty and again has to be paid even if you do not have a tax liability to settle. Being late with your tax return could prove to be very costly as further penalties are levied when the tax return is submitted six months after the filing deadline.
If you are one of those individuals who still need to submit your 2018-19 tax return, please do so as soon as possible to avoid further penalties being charged.
Here at Plus Accounting, we will be very happy to help you with the preparation of your self-assessment tax return with our personal tax compliance service.
Author: Anthony Barron, Personal Tax Manager @ Plus Accounting
Any views or opinions represented in this blog are personal, belong solely to the blog owner and do not represent those of Plus Accounting. All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site.
Date Published: 11 March 2020