All small business owners should be aware of the self-assessment returns deadlines and what the penalties are for late submissions, which can be very costly.
If you are using the paper based submission this must be filed by 31st October following the tax year end (5th April). However if you decided to submit your self-assessment online the HMRC has generously given until 31st January.
As mentioned above there can be penalties for late submissions and these will be £100 for late paper and online submissions that don’t meet the deadlines specified – even if you do not owe any tax. There will also be extra penalty charges on top of the initial £100 for every day the submission is overdue.
I’m sure you can agree the most efficient way to do your self-assessment return submission is to use the online system. This is exactly what we do at JacRox; we find it to be more accurate and reliable and not forgetting faster than “snail mail”.
If traditionally you have submitted paper self-assessment tax returns in the past and have missed the October deadline, don’t panic! The HMRC regulations state that you can switch to the online filing therefore avoiding late penalties.