Self-assessment 2018/2019 : the deadline looms

by Iain Mason

Christmas may be hurtling towards us, but hot on its heels is another annual date for the calendar – the self-assessment deadline, on January 31.

Tax returns for the year 2017/18 must be filed online by midnight on January 31 – it is already too late to submit a paper version. And beware: any submitted later will incur an automatic £100 penalty, even if there is no tax to pay or any tax due has been paid.

Not surprisingly, the longer the delay, the heavier the penalty:

• after three months, additional daily penalties of £10 per day, up to a maximum of £900
• after six months, a further penalty of 5% of the tax due or £300, whichever is greater
• after 12 months, another 5% or £300 charge, whichever is greater.

There are also additional penalties for paying late of 5% of the tax unpaid at 30 days, six months and 12 months.

The accountancy team here at Optimum Professional Services are happy to help with any tax queries, including self-assessment. Please just get in touch.