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January is filled with business owners digging through old bank statements, receipts and invoices trying desperately to get their online Self Assessment completed before the January 31 deadline. But what happens if you miss the deadline? 

 

First off note that there are two Self Assessment deadlines, the first one being the paper filing deadline on 31 October and the second one being the online filing deadline, 31 January. If you filed your Self Assessment on paper and owe money to HMRC, it will still need to be paid by 31 January. If you’re not sure what to do, first call HMRC for a plan of action. 

 

If you miss the midnight deadline, HMRC will automatically fine you £100, even if you’re a minute or two late. If your Self Assessment is late, you then have 3 months to file your Tax Return before your bill goes up. You can estimate how much you’ll pay in penalties and interest by going to HMRC’s website. HMRC may also send you a letter to demand payment. This may include an estimation of how much you have to pay and the bill may be significantly larger that the amount you actually owe. You can only alter this by filing your Self Assessment with the correct figures. 

 

You might be able to appeal against a penalty if you have a reasonable excuse as to why you missed the deadline. HMRC usually accept this if something out of your control has occurred which prevented you from being able to file. Some of the excuses include things such as being in hospital, a close relative passing away or technical issues. You must send your Tax Return or payment as soon as possible after your reasonable excuse has been resolved. Foremans LLP can help you with your Self Assessment. Call us on 01244 625 500 or email Contactus@foremansllp.com.