When does my self assessment tax return have to be filed by?
The deadline is 31st January following the end of the tax year for filing online. Paper returns must be submitted by 31st October following the end of the tax year.
When must I pay my tax liabilities?
All tax outstanding is due by 31st January following the end of the tax year to which it relates. Depending on your total tax liability, you may also have to make payments on account towards the current year’s tax liability. These are based on your previous year’s liability and are split into two equal instalments which must be paid by 31st January in the tax year and by 31st July following the end of the tax year. Should your actual liability turn out to be larger than the payments on account already made, then the balancing payment must be made by the following 31st January. In certain circumstances you may be able to reduce your payments on account.
Are there any penalties for not submitting my self assessment return on time?
Penalties for filing your tax return late are:
One day late and you will be charged an initial penalty of £100 (Even if you have no tax to pay or you have already paid all the tax you owe)
Three months late and you will be charged an automatic daily penalty of £10 per day, up to a maximum of £900.
Six months late and you will be charged further penalties, which are the greater of 5% of the tax due or £300.
Twelve months late and you will be charged yet more penalties, which are the greater of 5% of tax due or £300. In particularly serious cases you face a higher penalty of up to 100% of the tax due!
What if I don’t pay outstanding tax by the due dates?
Penalties for paying your tax late are:
Thirty days late and you will be charged an initial penalty of 5% of the unpaid tax at that date.
Six months late and you will be charged a further penalty of 5% of the tax that is still unpaid.
Twelve months late and you will be charged a further penalty of 5% of the tax that is still unpaid.
These penalties are additional to the interest you will be charged on all outstanding amounts, including unpaid penalties, until payment is received.
Accounts and Audit
When do my company accounts need auditing?
In most circumstances, companies with annual turnover of £6.5 million or less do not require an audit unless one is requested by a majority of the shareholders. An audit may also be required if requested by a third party, such as your bank, etc. There are also several types of business that may not be exempted from the requirement to have an audit. These include businesses regulated by certain professional bodies such as the Financial Services Authority.
What is the time limit for submitting my company accounts to Companies House?
Private limited companies have 9 months from the end of their accounting period to file their accounts at Companies House. Public limited companies (i.e. plc’s) have 6 months from the end of their accounting period to file their accounts at Companies House. Newly incorporated companies must file their accounts within 21 months of incorporation.
What are the penalties for filing my company accounts late?
The penalties for private companies range from £150 if they are less than one month late to £1,500 if they are more than six months late.