What to do if you didn’t complete your Self-Assessment on time?
1. Do it ASAP
For whatever reason this year, you didn’t finish the Self Assessment form in time, and therefore didn’t get your tax paid this year, and have been slapped with a £100 fine. Not really worth dwelling on, but unfortunately you still need to get it finished. It’s best to get it done as soon as possible, as you can end up with additional late filing fines, and you can be charged interest on the tax you owe too.
2. Notify HMRC, if you have exceptional circumstances
There aren’t that many reasons that HMRC will accept for not completing the Self Assessment form, but they will consider an extension in exceptional circumstances. Here are some examples of what HMRC considers exceptional. If any apply to you, speak to HMRC right away.
3. Notify HMRC, if you finished Self Assessment but are not able to pay
If you managed to complete the tax return but aren’t able to make the payment to HMRC, again you should let them know right away. Again circumstances need to be exceptional, but they might give you some extra time to submit the tax bill amount or let you pay it in smaller installments instead.
As with many of the points above, the sooner you identify the issue and let HMRC know, the less likely you are to end up out of pocket.
4. Calculate Additional Fines
Whatever you do don’t wait for more than 3 months after the deadline. Otherwise, HMRC will add another £100.00 to that original fine. If you want to get an estimate of what it could be>> CLICK HERE
We discussed the tax deadline on 1tap Live
On our season finale of 1tap live, Blair Jacobs got some tips from accountant Jason. Two topics were discussed. “What to do if I missed the deadline” as well as “How to get paid as a sole trader.”