Self-Assessment Tax Return Payment Reminder

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Posted on January 19, 2018

Your 2016/17 self-assessment tax return must be submitted online by midnight on 31st January 2018 otherwise HMRC will automatically impose a £100 fine, even if you just miss the deadline by a few hours!

Once your tax return has been submitted, you need to make sure to pay your tax! HMRC will charge interest if you do this late and will also impose penalties on late payment, so it's important to pay your tax as soon as you can if you want to avoid getting a fine. The deadline is 31st January 2018 for paying the tax that is due.

Late payment of tax

  • 30 days late - you will pay 5% of the tax you owe at that date
  • 6 months late - you will pay a further penalty of 5% of the tax you owe at that date
  • 12 months late - you will pay a further penalty of 5% of the tax you owe at that date

These penalties are additional to the interest that is charged on all outstanding amounts, including unpaid penalties, until payment is received.

We can advise you on whether a claim to reduce payments on account could be made and to what amount. Please contact your client manager, email info@clarkhowes.com or call +44(0)8442 492 209 to find out more.

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