Posted by Nick Turpin on 09 Dec 2013

Self Assessment Penalties for Tax Year Ended 5 April 2013

Self-assessment tax returns (form SA100) for the year ended 5 April 2013 need to be submitted to H M Revenue & Customs (HMRC) no later 31 January 2014. The returns will need to be filed electronically as the date for submitting returns in paper copy passed on 31 October 2013.

January 2014 filing deadline

If the 31 January 2014 filing deadline is missed the following penalties will start to be imposed:-

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 balance due on the 2012/13 tax return, whichever is the higher.
This is as well as the penalties above.

12 months late: £300 or 5% of the tax balance due on the 2012/13 tax return, whichever is the higher.
In serious cases you may be asked to pay up to 100% of the tax due on the tax return instead.  These are as well as the penalties above.

Additional Penalties

In addition to these late filing penalties, interest will accrue on any tax liability outstanding on 31 January 2014, and HMRC also have the power to impose late payment penalties at each of the following points:-

30 days late: 5% of the 2012/13 tax that remains unpaid.

6 months late: 5% of the 2012/13 tax that remains unpaid.
This is as well as the penalty above.

12 months late: 5% of the 2012/13 tax that remains unpaid.
This is as well as the penalties above.

Contact Tax Innovations for Self Assessment Advice

If you would like any advice regarding the above article or would simply like to discuss other ways in which we could help you or your business, please contact us on 01962 856 990 or customerservice@taxinnovations.com.

 

See also…

HMRC Self Assessment Tax Returns Catch Up Opportunity

Self-Employed Mileage Deductions

HMRC Apologises After Sending Self Assessment Penalty Notices in Error

2017/18 Tax Returns

National Insurance for the Self Employed taking a U-turn