The deadlines of 31st January for submitting your self-assessment tax return and paying your personal tax liability, are looming. We help many of our clients with their self-assessment tax returns, which makes January a particularly busy month for us! If you haven’t already provided your financial information to us, please do so as soon as you can, so that we can help you meet the deadlines.
If you miss the deadline of 31st January to submit your return, you will receive a penalty, which starts at £100 for upto three months late.
If you miss the deadline of 31st January to pay your personal tax liability, HMRC will charge you interest from 1st February. You will also receive penalty fees of:
- 5% of tax unpaid after 30 days
- Further 5% of tax unpaid after 6 months
- Further 5% of tax unpaid after 12 months
As 31st January 2016 is a Sunday, you will want to ensure that HMRC receives payment of your tax liability by 29th January. You can pay your tax bill online by debit or credit card (there is a 1.5% fee when using a credit card); or by telephone/online banking; or by direct debit. However, you pay your bill, ensure that you have left sufficient time for the payment to reach HMRC.
If you have any queries contact Jackie or Andrew.