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Online self assessment deadline – 31st January 2013

With the deadline for submitting paper tax returns having just expired, limited company owners have until 31st January 2013 to submit their self assessment returns for the 2011/12 tax year, together with any taxes they owe.

As is customary around this time of year, HMRC has published a news release reminding taxpayers of their tax return obligations.

Self assessment deadlines

The paper tax return deadline passed on 31st October 2012, and any taxpayers submitting a paper return will now face the prospect of a £100 penalty, even if they have paid any outstanding tax on time, of if there is no tax owing at all.

Clearly, unless you have an aversion to using the web for some reasons, the best course of action is to complete your tax return online.

You have until 31st January to complete your return, but you should ensure you register to use HMRC Online Services in good time, in order for you to receive an online activation code.

The registration process is fairly simple (by HMRC standards) – you can find out more here.

Late self assessment penalties

There is a sliding scale of penalties if you submit your tax return late, on top of the instant £100 penalty.

If you still haven’t completed your SA return after 3 months, additional daily penalties of £10 per day apply (to a maximum penalty of £900).

After 6 months, you will be liable for a penalty of 5% of the outstanding tax or £300 (whichever is the greater amount).

After one year, you will be liable for another 5% penalty of £300 charge.

Do you need to fill in a self assessment return?

There are many reasons why a taxpayer would have to file a tax return. If you are ‘self employed’ (a sole trader or a member of a partnership), or a company director – you must always fill in a SA return.

If you are neither self employed, nor a company director, but receive untaxed income from savings or property (equivalent to £10,000 of untaxed income or more) – you will also need to fill in a return.

If you are unsure, check this HMRC guide to see if you have to complete a return.

Further information

Read our own step-by-step guide to the self assessment process.

For comprehensive help on completing your tax return, visit this HMRC microsite, or call the dedicated helpline on 0845 9000 444.

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