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:
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.