What happens If I miss the tax return Self Assessment Deadline?

Self Assessment is a way of collecting income tax used by HM Revenue and Customs (HMRC). Wages, pensions, and savings are typically taxed automatically. Individuals and businesses must report other income on a tax return. You must send a tax return before the self-assessment deadline to avoid incurring any penalties.

When do I have to file my tax return?

Assume you need to file a tax return. In that case, the deadline for submitting it for the UK tax year 2021/22 (April 6 to April 5) is midnight on October 31 2021, if you submit it on paper, or midnight on January 31 2022, if you submit online. (Don’t forget that while filing your tax return, you may be eligible for tax relief.)

The tax return deadline in the United Kingdom will only change if you receive a notice from HMRC instructing you to file an online tax return after October 31, 2021. In that case, you’ll have three months from the date of the notice to file your tax return.

The deadline for paying your tax bill for 2021/22 is also January 31, 2022. If you still owe tax on your 2021/22 earnings, you should pay it when you make your first payment.

What happens if I don’t file my tax return by the deadline?

If you miss the self assessment deadline for filing your tax return, you may face the following penalties:

  • Even if you are only one day late, you can be fined £100 for failing to pay your tax on time.
  • If you pay more than three months after the deadline, you could face a £1,000 fine.
  • In case you pay your tax bill between six and twelve months late. You may be fined an extra £300 on top of your previous penalties. You may also be fined 5% of your tax bill, which can turn out to be costly in some cases.
  • If you pay more than 12 months late, you will be fined £300 or 5% of your tax bill, in addition to all other penalties. In more serious cases, you may be fined 100% of the tax you owe in addition to your original tax bill.

How do you submit your self-assessment tax return?

Filing tax returns can be a time-consuming and tedious task. You can schedule a free consultation with one of our accountants and have us file your self assessment tax return before the deadline. At TaxTotal, we make sure to provide you with quick, dependable, and efficient service.

Sidharth Bharthan Menon
CEO, taxtotal​