What to do If You Missed the Self Assessment Deadline

What if you miss the self-assessment deadline? Both the self-assessment personal tax return and tax payment are due by 31st January each year. If you have payments on account, there will be a second deadline of 31st July. This particular video uses the 2018/19 tax year as an example (due 31st January 2020) but the same information applies for every year.

If you do miss the self-assessment deadline, it's important that you gather your income information for the tax year as soon as possible and get the return submitted to avoid paying some pretty hefty fines.

HMRC will charge fines and penalties for late self-assessments. For a return that is up to 3 months late, you'll be looking at a penalty of £150. They will also charge interest on any late payments.

If you submit your personal tax return on time, but can't afford to make the payment by 31st January then it's recommended to get in touch with HMRC to setup a payment plan. This will help prevent HMRC from passing the liability over to debt collectors which will cause more hassle.

Under some circumstances HMRC will be able to remove the late filing penalties for self-assessment. Your reason needs to be something serious for them to believe it prevented you from submitting the return on time. In the video I explain how you can appeal a penalty with HMRC.

Remember to check if you even needed to file a return. If you didn't, you can call HMRC to remove the self-assessment requirement from your personal tax record.

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[TheShadesPro]

Valuable information. Love to see.thanks.

[PauloRibeiro-mmgq]

Isn't there a threshold on dividends when you actually start declaring it to HMRC? I think is 1000 year? Or capital gains if you sell you shares and make a profit? Also is true that as a incentive to self-employement you don't need to declare any tax for the first year?
Many thanks
Paulo

[rachelratcliffe]

Hi Caroline. If I set up as a sole trader in September 2020 am I required to fill in a self assessment tax return before jan 2021 or will I just have to fill one in for the normal tax year 2020-2021??? Any help and advice would be appreciated. Thank you.

[dmitrykrapivko]

i opened up a limited company in the last tax year, but it was dormant. could i claim setting up costs ( accountant) inmy expences this year?
I was not told to do self-assessment.but i feel i have to submit one.

[jhakirsvloguk]

Hi
I was a sole trader business as self employed until 10 October 2018 and closed the shop.After that I become a minicab driver as self employed again and didn't give this information to hmrc till now April 2020. Hmrc send me 100 pounds fine. I didn't done my 18/19 tax return. Please tell me how to fix this. Today I registered for online with hmrc and let them know this information 17/04/20. Waiting for their reply. Tell me what will happened. Thanks