Self-Assessment Tax Return Dates and deadlines

(Updated July 2016).

Sometimes it can be confusing to know whether or not you need to submit a self assessment tax return to HMRC at all. The best advice for those who have been sent a notice to file a tax return is that they should do so, even if you think you do not have any tax to pay this year.

There is a risk that by ignoring the request to file a return you will land yourself with a fine for not completing it regardless of having to pay tax or not. The penalty currently stands at £100 for not filing a return.

You may have had a change of circumstances that has led you to think you don’t need to file a return. If this is the case then you should contact HMRC to tell them the reason why you think this is not needed, but you must do this before the deadline date of 31st January to avoid any penalties.

Who should always file a self-assessment tax return?

There will be people that need to submit their assessment every year. These will be people that are self-employed, partners who run a business together, sole traders, and those people who may work as an employee in a job but also have a self-employed business on the side.

Working a regular job and being self-employed at the same time is on the rise with many people choosing to work full-time or part-time for an employer and then work part-time on their own business. Even having a hobby that pays you something can be classed as a small business.

All self-employed people and sole traders need to be aware of when you should send your Self Assessment tax return to HMRC. This is important as you do not want to receive a penalty fee for non submission or even late submission. If you are unsure or need some advice, do not hesitate to contact us! We can provide you with expert tax advice for your business and help keep you on track to avoid unnecessary fines.

If you do need to send HMRC a tax return, you will be reminded by post in April or May. The letter will contain information about when you need to send the tax return back. If you are unsure if you should return a tax return you can check online at the HMRC website.

Again, if you think you no longer need to fill in a return, you will need to inform HMRC as soon as possible. Even if you are no longer self employed you will still get a fine for late filing. You can contact HMRC direct through their website.

The deadlines for sending your HMRC tax return

The deadline is 31st October for your paper tax return

The official date for sending your paper tax return is midnight 31 October. On rare occasions it may be later if HMRC sends you a letter informing you to complete a tax return, the deadline will then be confirmed in the letter to you.

The deadline is 1st January for online tax returns

The official date for completing your online tax return is midnight 31st January. Again the same rule applies, if you receive a letter to complete a tax return later than 31 October the deadline will be on this letter and will be different to the normal tax return deadline.

Penalty payment

You will be liable to pay a penalty if you miss the deadline for submitting your return or you are late paying your bill.

Currently HMRC issue a penalty of £100 if your tax return is up to 3 months late, but you will have to pay even more if it’s later that this, or if you fail to pay your tax bill on time.

You are allowed to appeal against a penalty if you have a reasonable excuse or reason for not being able to submit on time. This could be due to an accident or serious illness for example.

If you are at all concerned about getting your self-assessment submitted to HMRC, speak to us today. We provide leading virtual office, company formation and business taxation advice. We are always happy to help and are experts in our field with many years of experience in the business world under our belts.