The 2012/2013 self-assessment tax return deadline is midnight on 31 January 2014. If you haven’t already submitted your tax return online, you need to get it done on time to avoid the dreaded late filing penalties. If you want to submit your tax return on paper you are too late, the paper deadline passed in October last year.
What are the 2012/2013 Self Assessment Tax Return Fines?
The tax return fines increase the later you leave it.
1 day to 3 months late
You will pay a penalty of £100 which is payable even if you have no tax to pay.
3 to 6 months late
Between 3 and 6 months late you will get charged an additional £10 a day up to a maximum of £900. The 3 to 6 months late penalties are in addition to the initial £100
Over 6 months late
If you submit over 6 months late you will be charged an additional £100 or 5% of the tax due (whichever is higher)
Over 12 months late
Over 12 months late in some cases you could have to pay up to 100% of the tax due as a penalty as well as the penalties above.
It gets worse…
Interest will be added on to any income tax you owe
You will be charged interest on any tax you owe (which hasn’t already been paid) until you pay. Currently the Interest rate is 3% on late payments.
If you owe tax and you don’t pay within 30 days you will get more penalties. These penalties cumulate and start at 5% of the tax you owe at 30 days then increase to another 5% of the amount due after 6 months and another 5% of anything left after 12 months.
It’s not worth filing late – don’t pay more than you have to
You could be hit with penalties of £1600 or more so leaving it late just isn’t worth it.
TIP
If you have a really good reason as to why you can’t file on time call the tax office to let them know. This could help you if you need to appeal against any late penalties you get when your return is submitted.
Tax Rebate Services offers free guides for people who need to complete a self assessment tax return including:
- Employed who need to claim back expenses on a tax return
- CIS subcontractors
- UK private landlords
- Parents declaring Child Benefit
