Self Assessment deadline: FIVE things self-employed should note about January tax returns

Penalties for missing the deadline

The Self Assessment deadline is midnight on Sunday, January 31, 2021.

Dan Stopp, UK Accounting Manager at Bokio, toldExpress.co.ukpeople who submit their Self Assessment tax returns late could “face a £100 fine”, and further fines if there are more delays.

“HMRC can also impose fines if it thinks you’ve made careless or purposely misleading mistakes, so it’s worth giving yourself sufficient reviewing time to avoid being in a rush when filing your tax return.

“It’s important to know, however, that if you do miss the deadline for a reason that was out of your hands, you can appeal.

“For example, if you’ve been affected by the coronavirus pandemic and this has delayed your ability to file or pay your tax return, HMRC says it will consider this as what it calls ‘a reasonable excuse’.”