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Final Reminder: Online Tax Deadline

15.01.15

With the tax deadline for the 2013-14 financial year now just over 2 weeks away, if you haven’t done so, you are leaving it very late to complete your online self-assessment.

The 31^st January 2015 is the deadline for completing the online return with the paper-filing deadline having already passed. If you have already submitted your tax return in paper then this deadline does not apply to you.

Completing your return online has been outlined in 4 steps on the HMRC website:

1. Find the user ID and password you got when you registered to do your Self Assessment tax return online. If you registered recently you’ll be sent an activation code. You’ll need to request a new one if you’ve lost it.
2. Get your receipts and divide them between income and expenditure.
3. Use the online service to start your tax return.
4. Send your tax return.

Below we have outlined the stringent penalties that can be incurred if you have not filed your tax return by the deadline.

Length of delay	Penalty you will have to pay
1 day late	A fixed penalty of £100. This applies even if you have no tax to pay or have paid the tax you owe.
3 months late	£10 for each following day - up to a 90 day maximum of £900. This is as well as the fixed penalty above.
6 months late	£300 or 5% of the tax due, whichever is the higher. This is as well as the penalties above.
12 months late	£300 or 5% of the tax due, whichever is the higher. In serious cases you may be asked to pay up to 100% of the tax due instead. These are as well as the penalties above.

For more information about completing your online self assessment, visit the HMRC website here and follow the useful links for help on a number of subjects.

 For professional assistance with your tax affairs try our partners, taxback.com, who have a wealth of experience to help submit your tax return for you. When working as self-employed with Consort you can take advantage of their services for a reduced rate of £175 (normally £250). Register for assistance here!

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