It is only a few days until the self assessment deadline. You must send your online tax return by midnight on Thursday 31st January 2013. If your online tax return is late you will have to pay a penalty! This applies even if you have no tax to pay or if you pay all the tax you owe on time.
So what will you have to pay if you miss the deadline? The penalty is £100 if your return is a day late. If your return is 3 months late you will have to pay a penalty of £10 per day for each additional day your return is late. If it’s 6 months late you’ll have to pay the higher of £300 or 5% of the tax due. As you can see the penalties can soon start to add up. So if you haven’t yet sorted out your tax return don’t delay any longer you only have 6 more days! Don’t forget we are here to help.