Self assessment tax return alert: Filing and payment deadlines fall next month - get ready

Self assessment tax returns are completed by the self-employed to ensure correct amounts of tax are paid to HMRC. Usually, tax is deducted automatically, from wages, pensions and savings but some additional sources of income must be reported in a tax return.

The penalty will be £100 if the tax return is up to three months late.

It could be higher than this if it arrives later and additional interest may be levied on late payments.

For partnerships, all of the partners involved can have a penalty levied against them.

Fortunately, there is some flexibility involved when filing a tax return to ensure everything is processed correctly.

Once this is done, an amended bill should be shown straight away.

In the following three days, the statement will also show the difference from the old one so the person can see whether they owe less or more tax plus any additional interest that’s payable.

If after updating more tax is due, the updated bill will present an additional deadline for this payment.

With all these rules on organising and paying the tax bill, it can become complicated and hard to understand but fortunately, it’s possible to higher experts to handle the burden and HMRC can be contacted for help.