The Importance of Submitting Personal Tax Returns to HMRC Before 31 Oct Deadline
The UK tax year starts from 6 April to 5 April the following year. You’ll need to send a tax return if in the last tax year
It is your responsibility to notify HMRC of any income arising that makes you liable to tax. Notification must be received by 5 October otherwise you will have to pay a penalty.
Filing a Tax Return
The deadline for filing a tax return by post is midnight on 31 October. You will have to register by 5 October so we recommend registering well in advance as the process can take 4 weeks.
If you miss this deadline, don't worry as you can file your tax return online by midnight 31 January the following year (3 months later). To file online, you will again need to register well in advance with HMRC for this service as the process could take several weeks. However a good accountant has the resources and expertise to file your tax return online without needing to register.
If you file your tax return late, you will face a £100 penalty even if you do not owe any tax.
The following penalties also apply for late filing of tax returns:
There is also a penalty if you file your tax return incorrectly depending on your behaviour.
The deadline for paying tax is 31 January and there are three charges for late payments.
By Hamza Habib at Tax Affinity Accountants
Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Surbiton they are considered in the Industry to be experts accountants for small businesses. Helping and supporting business throughout the UK, they regularly help new and established businesses to succeed.
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