HM Insights

Don’t pay the penalty: Self Assessment Tax Return deadline approaches on 31 January

The deadline for submitting a self-assessment tax return for 2014/2015 is fast approaching as we enter the final week of January.

According to statistics, on average around 10% of people do not submit on time and therefore face immediate and unnecessary penalty charges, so it’s important not to let yourself be one of them.

Even if you are taxed through the PAYE system, you may need to file an online return. For example, did you know that if your income is £100,000 or more, or if you have received foreign income, you will need to submit a self-assessment tax return? Parents with income over £50,000 and who continue to receive child benefit also need to complete a self-assessment.

Crucially, if you fail to meet the cut-off date of 11.59pm on Sunday 31 January 2016, you will be hit with an immediate £100 penalty, and further penalties, surcharges and interest may be charged the longer the return remains outstanding.

So if you have backed yourself into a corner and are running out time, or even if you are just having that last minute panic, get in touch with our tax team who can provide the assistance you need. This will allow you to avoid those penalties and surcharges.

Don’t pay the penalty.

Get in touch

If you have any questions about self assessment tax returns, please get in contact with our Tax Manager Amber Heron on 0141 227 9659 or email [email protected].