Have you filed your Self-Assessment Tax Return yet?

You now have less than 20 days until the deadline for Self-Assessment online return submission. Self-Assessment taxpayers have until 31 January 2023 to submit their online return for the 2021/22 tax year.

According to HMRC, more than 66,000 taxpayers beat the clock and filed their tax return on 6 April – the first day of the new tax year.

More than 42,500 customers chose to see in the new year by submitting their return on 31 December and 1 January!

Failure to submit your tax return on time will result in penalties:

• An initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time.
• After 3 months, additional daily penalties of £10 per day, up to a maximum of £900.
• After 6 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 your 31 January 2023 tax liability late.

If you are yet to complete your Self-Assessment tax return for the year ended 5th April 2022, get in touch with us today and we will be able to help you.