Self Assessment Deadlines

                          
As most people are now aware, the deadline for filing a Self Assessment Tax Return is 31 January. Therefore for the April 2010 Return, the deadline was 31 January 2011. If it is filed after this date, you may be liable to a penalty. This penalty will be either £100 or a sum equal to the tax charge if it is less than £100.                                                                                                                                                                                                       
It should be noted that there is no penalty charged if there was no tax payable. So even if a Return is filed late, there may well be no penalty.

Probably of more relevance is the 5% surcharge, if the tax owing is not paid by the 28 February. So given the current low interest rates paid & charged, this could prove to be very expensive.

For those taxpayers with a reasonably large tax bill, the 28 February is probably more important a date than the 31 January.

All the best.
Richard Stilwell