Self Assessment January 31st do you know the penalties?
8th January 2013
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If you don't file your Self Assessment by 31st January - the following penalties will apply!

Penalty you will have to pay

1 day late

A penalty of £100. This applies even if you have no tax to pay or have paid the tax you owe.

3 months late

£10 for each following day - up to a 90 day maximum of £900. This is as well as the fixed penalty above.

6 months late

£300 or 5% of the tax due, whichever is the higher. This is as well as the penalties above.

12 months late 

£300 or 5% of the tax due, whichever is the higher.

In serious cases you may be asked to pay up to 100% of the tax due instead.

These are as well as the penalties above.

So - if you are having difficulties with your Self Assessment - contact HM Bookkeeping - but don't leave it to the last minute.

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