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Self-assessment tax and National Insurance liabilities

Posted on in Tax
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We are nearing the end of our 10th Self-assessment period with this year seeing the highest number of self-assessment tax returns completed since we began in 2010.

The deadline for submitting your 2018/19 self-assessment return is 31 January 2020. This deadline is relevant to individuals who need to complete a self-assessment tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 NI, capital gains tax and High Income Child Benefit Charge liabilities. 

If we have already dealt with your self-assessment return on your behalf you need take no action. However, if you are still to take action (in respect of filing or making your balancing payment) then the following penalties may apply if delayed further;

 Late filing  Late payment  Penalty
 Miss filing deadline    £100
   30 days late  5% of tax due
 3 months late    Daily penalty £10 per day for up to 90 days (max £900)
 6 months late    5% of tax due or £300, if greater*
   6 months late  5% of tax outstanding at that date
 12 months late    5% or £300 if greater*, unless the taxpayer is held to be deliberately withholding information that would enable HMRC to assess the tax due.
   12 months late  5% of tax outstanding at that date


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