Who needs to file a Self-Assessment Tax Return form?
You will be required to file a tax return if you have income that is not currently being taxed and tax is due on that income.
This will include if you fall into the following
You are Self employed
You are a company director
You have income in excess of £100,000
You have income over £50,000 and claim Child Benefit Payments
You are receiving income from land and property
You should register to submit a self-assessment tax return by the 5th of October in the year after you became due for self-assessment. You can register for self-assessment by completing form SA1 and sending to HM Revenue and Customs.
The deadline for submitting self-assessment online is the 31st of January following the end of the tax year on the 5th of April. So, the tax return for April 5th 2018 will be due on the 31st of January 2019.
If you want to file using the paper tax return form the deadline is the 31st of October after the tax year ended. So, for the tax year ended April 5th 2018 the paper version of the tax return will be due on the 31st of October 2018.
Any delays in filing the self-assessment tax return will lead to the following penalties:
Late £100
3 Months late daily penalty of £10 up to a maximum of £900.
6 months late £300
12 months late £300
The amounts are incremental so if you are 12 months late the penalty may be £1600. There may also be more penalties if you are deemed to be withholding information and the penalty can be 5% of the tax due if it is greater than the £300 stated above at each of the penalty date.