Avoid the £100 penalty by submitting your online return by 31 January
If you’re already registered with HMRC and have yet to complete your self-assessment tax return, the deadline to submit your return and pay tax is no later than midnight on 31 January 2017.
Self-assessment can be a burden if you leave it to the very last minute. This guide will go over the necessary steps to complete and submit your tax return on time.
Having your most up to date records at hand will help make completing your return as smooth as possible.
The exact records you need will vary according to your personal circumstances but include:
PAYE records (if applicable)
VAT records (if applicable).
You should also have details of any savings, investments, pensions and allowable expenses.
Filing your return
With your unique tax reference (UTR) log into your account and complete the form, filling in all relevant financial details.
Users can also register for a personal tax account to store their details online, calculate and pay any tax owe, and contact HMRC.
How to pay
Once you’ve filed your form, you will be sent the amount of tax due to HMRC.
There are several ways to send your payment to HMRC, including:
credit or debit card
Sending your payment by post or direct debit will take up to 3 working days. If you haven’t set up a direct debit with HMRC, payment will take up to 5 working days. Any tax you owe for the previous tax year is due on 31 January.
A £100 penalty is applicable if your tax return is up to three months late. The penalty will also increase if your return or tax payment is even later.
Condies can help you in completing your self-assessment tax return on time.