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Tax Return Filing Dates and Penalties

Personal Tax Return

If you are required to complete a return, they are normally issued to you at the beginning of April each year. The basic return is 10 pages but many sources of income require supplementary pages to be completed as well. Some people receive a short tax return of only 4 pages.

As well as your income it deals with the allowances and reliefs that you can claim.

Paper returns have to be filed by 31 October following the end of the tax year and HMRC will calculate your liability for you. For online returns you have until 31 January following the end of the tax year to file the return. If you file the tax return online through the HMRC website the software will calculate your tax liability for you.

The penalties for late Self Assessment returns are as follows:

  • Initial £100 penalty for late filing of the tax return, irrespective of the tax due or if you have paid tax on time.
  • If you haven’t filed your return after 3 months daily penalties of £10 per day apply, capped to £900.
  • If you haven’t filed your return after 6 months a further penalty of 5% of the tax due or £300: whichever is greater.
  • After one year, another 5% or £300 charge, whichever is greater. In serious cases the penalty after 12 months can be up to 100% of the tax due.

The penalties are applicable even if no tax is due.

Corporation Tax Return

The corporation tax self-assessment return (CTSA) must be submitted to HMRC along with the accounts and tax computations, although it is possible to file all this information online through the HMRC website. The filing deadline for the CTSA return (plus accounts and tax computations) is normally 12 months from the end of the accounting period. If the return is late there are penalties as follows…

  • Up to 3 months late – £100 (increasing to £500 for a third consecutive late return)
  • Over 3 months late – £200 (increased to £1000 for a third consecutive late return)
  • 6 to 12 months late – Extra tax geared penalty of 10% of the unpaid tax.
  • More than 12 months late – 20% of the unpaid tax.