Income Tax Self-Assessment Submission Top Tips

With the tax return deadline fast approaching, HMRC are encouraging Self Assessment customers to put their tax return at the top of their to-do list.

Last year, 2,800 customers filed their tax return on Christmas Day. 

The deadline of the 31st January 2023 is for filing and paying your tax return to avoid getting a penalty.

HMRC focus penalties on those who persistently fail to complete their tax returns and deliberate tax evaders. The penalties for late tax returns are: initial £100 fixed penalty (even if there is no tax to pay, or if the tax due is paid on time)

  • after 3 months, additional daily penalties of £10 per day, up to a maximum of £900
  • after 6 months, a further penalty of 5% of the tax due or £300, whichever is greater
  • after 12 months, another 5% or £300 charge, whichever is greater 
  • There are also additional penalties for paying late of 5% of the tax unpaid at 30 days, 6 months and 12 months.

*penalties correct as of 20/12/22

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