Reminder: The Self-Assessment Tax Return Deadline is the 31st January

If you’re yet to complete your self-assessment tax return, you don’t have long left. The deadline is in just a few weeks on the 31st January.

What happens if I miss the self-assessment deadline?

To ensure you don’t end up with a fine, it’s really important that HMRC receive your self-assessment before the deadline of the 31st January. You can still send your information after this date, but you will incur an automatic penalty of £100 and the longer it takes you to get your return to HMRC, the more your penalty will increase.

HMRC do allow reasonable excuses for why your return or payment is late, for example if you were ill or had bereavement in the family, you can appeal against the penalty. Find out about reasonable excuses on the HMRC website.

Do I need to make a tax payment on the 31st January?

If you’re self-employed then yes, you will need to make a payment to HMRC by the 31st January. This payment includes your first tax payment of the 2016/2017 tax year and any outstanding payments from the 2015/2016 tax year.

How can ClearSky Business help?

At ClearSky Business, our tax experts can help take the hassle out of completing your tax return. For more information on how we can help you, take a look at our tax returns page.

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