Avoid the £1600 fine!!!
Start early your Tax preparation!
After 6 April 2019!
You must send your tax return online by 31st January!
If you are self-employed, then it is a legal requirement for you to complete an annual Self Assessment tax return form every year after the Financial Year end on 05th April. The 31st January of the following year is the final deadline for filing online.
A penalty could apply if you file late and interest will begin accruing on unpaid tax therefore it is of most importance to keep to the deadlines.
If you miss the deadline, the longer you delay, the more you'll have to pay. The example below shows the penalties you'll have to pay if your tax return is late:
£100 fixed penalty (1 day late - up to 3 months)
£900 penalty - this is £10 each day from 1 May to 29 July, when the maximum 90 day penalty is reached
£300 or 5 per cent of the tax due - whichever is the higher