Tax warning: Late submission of self-assessment could lead to £100 fine

Taxpayers should take note of an important upcoming deadline – the 31 January 2020. This date marks the self-assessment tax return deadline for last year’s tax year (6 April 2018 – 5 April 2019). 

Taxpayers who submit their self-assessment tax return after this date risk facing an automatic £100 fine – even those who do not owe any tax to HMRC. 

With less than three weeks until the deadline, it is important for those who complete self-assessment tax returns to prepare and submit their return, to avoid facing a fine. 

Last year, HMRC saw 93% of tax returns completed on time; however, the number of people who submitted late has been around 700,000 for the last few years. 

Late payment fees have been estimated to raise over £70m a year for HMRC. 

If you are faced with a late submission fine, it can be appealed but only if you have a reasonable excuse. This may include the death of a close family member, or suffering from a serious illness/condition. 

Naturally, you will want to avoid any extra payments on top of your bill, especially if you do not owe anything. 

At Moore, our personal tax team work hard to submit self-assessment tax returns on time to avoid any late-submission penalties. 

We know how hard people work for their money, and how inconvenient it is having to spend large amounts of money on late fees and fines. 

Contact us today to find out how our personal tax team can help relieve the stress of your self-assessment tax return. 

Leave a comment

 Security code