Don’t forget – Self Assessment deadline approaching!

December 14th, 2011

Although we are now entering the festive period, for those individuals who need to complete Self-Assessment returns the 31 January 2012 deadline for online returns is nearer than you might think!

Returns for tax year ending 5 April 2011 must be received by HMRC by this date, or a late-submission fixed penalty of £100 could apply.  This penalty applies even if you have no tax to pay and there are further charges if the return is still outstanding 3 months later

Where any tax is due this must also be paid by this date or HMRC will charge interest on any amount outstanding and also a 5% late payment fee (again further fees may apply if the tax remains still remains unpaid)

There is also an earlier deadline of 30 December 2011 if you want HMRC to collect any tax you owe through your tax code.  You can now request this if you owe less than £3,000, although HMRC cannot always collect tax due via this method (you would have to make this request clearly on your tax return)