15 Nov When Is Your Self Assessment Tax Return Due?
Most eligible paying taxes individuals always leave it until late to file for their self-assessment tax return. So, when is your self assessment tax return due? It is advisable to file before the deadline day of 31 January yearly or on 31 October for those submitting using the paper tax method to avoid unnecessary inconveniences.
You can use different methods of filing a return. Each has its deadline day to submit. You can submit online using HMRC; this may depend on your tax position or your preference using commercial software. On the other hand, you can file using a paper unveiled to you through the postal mail from HMRC each year. You will complete it in time and post it back.
The penalties for late submission may vary, and they usually increase depending on the level of lateness you submit a return. Ensure that you avoid late submission at all costs. When you submit your return 30 days after the deadline, you will be slapped with a 5% tax liability. This will increase with another 5% of the outstanding tax after the first penalty when your late submission. After another 11 months from the first penalty, another 5 % will be imposed on you.
It is essential that whenever you get a notification of a late fine that you settle them within 30days of the notice. Otherwise, interest will start accruing on a penalty imposed at the official rate, which is currently at 2.6%
When filing for a return, check the liabilities. If your liabilities have increased compared to the figures that you were charged the previous year, you need to settle the balance payment due. On the other hand, if the liabilities have reduced compared to the last year’s amount, it means you paid too much, and the HRMC needs to refund you the balance. Remember to reduce the interim payment if you notice you paid more than you should have the previous year.