With the January month appearing closer, the deadline for the self-assessment tax return is also approaching near. This is why you must not forget to send your complete tax return before hitting deadlines.

As the paper tax returns deadline was 31 October 2015, you have already missed the chance of completing your paper tax returns. However, the deadline for online self-assessment tax returns is 31 January 2016; you still have some time left to send your tax returns. In case if you miss this one too, be ready for a penalty of £100. This penalty will be charged even if you don’t owe any amount of tax.

There are even more penalties involved if such returns are submitted late. If you file the tax returns three months late, you will be charged a penalty of £10 per day which can be up to a maximum of £900. Likewise, if you are six months late, a penalty of £300 (or 5% of the tax owing if this is greater) will be charged. A penalty of another £300 ( or 5% of the tax owing if this is greater) will be charged to you if you are 12 months late.

As penalties will keep on increasing, it is best to complete your return on time. If you have a reasonable excuse for missing your deadline for sending your tax return, you can also appeal against a penalty.

Even though completing and sending your return can be a dull job, it is important you do it before 31 October 2015 so that HMRC will be be able to collect the owed tax from your wages and pension automatically. And, to ensure you file correct self-assessment tax returns, keep all of your financial records safely.

If you are having trouble completing your self-assessment and need an expert guidance, you can contact one of our tax advisers today at 020 7060 9556.