2012/2013 Tax Return Deadline

The 2012/2013 self-assessment tax return deadline is midnight on 31 January 2014. If you haven’t already submitted your tax return online, you need to get it done on time to avoid the dreaded late filing penalties. If you want to submit your tax return on paper you are too late, the paper deadline passed in October last year.

What are the 2012/2013 Self Assessment Tax Return Fines?

The tax return fines increase the later you leave it.

1 day to 3 months late

You will pay a penalty of £100 which is payable even if you have no tax to pay.

3 to 6 months late

Between 3 and 6 months late you will get charged an additional £10 a day up to a maximum of £900. The 3 to 6 months late penalties are in addition to the initial £100

Over 6 months late

If you submit over 6 months late you will be charged an additional £100 or 5% of the tax due (whichever is higher)

Over 12 months late

Over 12 months late in some cases you could have to pay up to 100% of the tax due as a penalty as well as the penalties above.

It gets worse…

Interest will be added on to any income tax you owe

You will be charged interest on any tax you owe (which hasn’t already been paid) until you pay. Currently the Interest rate is 3% on late payments.

If you owe tax and you don’t pay within 30 days you will get more penalties. These penalties cumulate and start at 5% of the tax you owe at 30 days then increase to another 5% of the amount due after 6 months and another 5% of anything left after 12 months.

It’s not worth filing late – don’t pay more than you have to

You could be hit with penalties of £1600 or more so leaving it late just isn’t worth it.

TIP

If you have a really good reason as to why you can’t file on time call the tax office to let them know. This could help you if you need to appeal against any late penalties you get when your return is submitted.

Tax Rebate Services offers free guides for people who need to complete a self assessment tax return including: