There are two ways you can submit your self assessment tax return to HMRC – you can either do a paper return or file an electronic tax return. Depending on how you submit your tax return depends on the deadline for submission:
- Paper tax returns need to be submitted by 31 October. So tax returns relating to the 2014/15 year should be submitted by 31 October 2015.
- Electronic tax returns need to be submitted by 31 January. So tax returns relating to the 2014/15 year should be submitted by 31 January 2016.
If you file your tax return online and also have earnings taxed under PAYE , you can opt to have overdue tax (amounting to less than £2,000) collected by PAYE provided you file your return by 30 December 2015.
It is important to file your tax return on time as late submission results in an automatic penalty of £100 from HMRC. You will also be charged interest from the date the payment was until the day it is received.
In some instances HMRC may waive the penalty for a late return if you can provide a ‘reasonable’ excuse. HMRC states on its website that a reasonable excuse for missing the deadline is ‘normally something unexpected or outside your control that stopped you meeting a tax obligation’.
For examples of this can include:
- The recent death of a partner
- an unexpected stay in hospital
- IT or computer failures
- Service issues with the tax authority’s online services
- A fire which prevented the completion of a tax return or postal delays
However, please remember that each case is unique and will be considered on its own merits and even one of the above reasons may not be sufficient for the penalty to be waived.
It’s always best to file your return in plenty of time, therefore give us a call on 0800 8654330 or 07857 380805 and we’ll take care of it for you.