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SELF ASSESSMENT-INDIVIDUALS

FACTOR

DUE DATE

COMMENTS

PENALTIES

NOTIFICATION OF TAXABLE

SOURCE OF INCOME

5 OCTOBER FOLLOWING THE
END OF THE TAX YEAR THE
SOURCE AROSE

THE LEVEL OF PENALTY IS A %
OF THE TAX UNPAID 12
MONTHS AFTER THE END OF
THE ACCOUNTING PERIOD
AND DEPENDS ON THE
BEHAVIOUR OF THE TAXPAYER

GENUINE MISTAKE=NO
PENALTY

FAILURE TO TAKE REASONABLE
CARE=30%

SERIOUS OR DELIBERATE
UNDERSTATEMENT=70%

SERIOUS OR DELIBERATE
UNDERSTATEMENT WITH
CONCEALMENT=100%

PENALTIES CAN BE REDUCED
WHERE THE TAXPAYER MAKES
FULL DISCLOSURE AND
COOPERATES WITH HMRC TO
ESTABLISH THE AMOUNT OF
UNPAID TAX

TAX RETURNS

THE TAXPAYER HAS THE
CHOICE OF FILING A PAPER
RETURN OR FILING
ELECTRONICALLY ONLINE.

ALL COMPLETED AND SIGNED

PAPER RETURNS MUST BE
FILED BY THE LATER OF:
31 OCTOBER FOLLOWING

THE END OF THE TAX YEAR

OR 3 MONTHS AFTER THE

RETURN IS ISSUED. THIS IS

ALSO THE DEADLINE IF THE

TAXPAYER WISHES HMRC TO

CALCULATE THE TAX ON

THEIR BEHALF.

ALL ONLINE ELECTRONIC

RETURNS MUST BE FILED BY
THE LATER OF:

31 JANUARY FOLLOWING

THE END OF THE TAX YEAR

OR 3 MONTHS AFTER THE

RETURN IS ISSUED

FOR 2009/10:

31 OCTOBER 2010 FOR PAPER
RETURNS

31 JANUARY 2011 FOR
ELECTRONIC RETURNS

THE 31 JANUARY

FOLLOWING THE END OF

THE TAX YEAR IS KNOW AS

THE “FILING DATE”

REGARDLESS OF WHETHER

THE RETURN IS FILED ON

PAPER OR ELECTRONICALLY.

THIS MUST BE

DISTINGUISHED FROM THE

DATE ON WHICH THE

RETURN IS FILED (KNOWN

AS THE “ACTUAL FILING

DATE”)

0-6 MONTHS=£100
6-12 MONTHS £200
>12 MONTHS TAX GEARED
PENALTY

DAILY PENALTY OF £60 MAY BE
IMPOSED UPON DIRECTION BY
THE TRIBUNAL

PAYMENT DATES

TWO PAYMENTS ON
ACCOUNT=31 JANUARY IN THE
TAX YEAR AND 31 JULY
FOLLOWING THE END OF THE
TAX YEAR

BALANCING PAYMENT 31
JANUARY FOLLOWING THE
END OF THE TAX YEAR (FILING
DATE)

PAYMENTS ON ACCOUNT ARE
BASED ON PREVIOUS YEARS
TAX PAYABLE BY SELF
ASSESSMENT

INTEREST FOR ANY LATE
PAYMENTS

A SURCHARGE IF THE
BALANCING PAYMENT IS LATE:

0-28 DAYS= 5% OF THE LATE
TAX

>6MONTHS AN ADDITIONAL
5%

CLAIMS

INCLUDED IN THE TAX RETURN
OR SEPARATE CLAIM IN
WRITING

CLAIM QUANTIFIED

CLAIMS TO REDUCE

PAYMENTS ON ACCOUNT

BY 31 JANUARY FOLLOWING
THE END OF THE TAX YEAR

PENALTY FOR INCORRECT
CLAIM IS THE DIFFERENCE
BETWEEN THE AMOUNTS
ACTUALLY PAID AND
AMOUNTS THAT SHOULD
HAVE BEEN PAID

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HMRC AMENDMENTS TO

RETURN

9 MONTHS FROM DATE
RETURN IS SUBMITTED

TAXPAYER AMENDMENTS TO

RETURN

12 MONTHS FROM FILING
DATE

ERROR OR MISTAKE CLAIM WITHIN 4 YEARS FROM THE

END OF THE TAX YEAR
CONCERNED

RECORDS KEPT

SELF EMPLOYED AND RENTAL
BUSINESS= FIVE YEARS FROM
THE FILING DATE OF THE TAX
YEAR CONCERNED

OTHER INDIVIDUALS= 1 YEAR
FROM THE FILING DATE OF THE
TAX YEAR CONCERNED

UP TO £3000 PER YEAR OF
ASSESSMENT

HMRC ENQUIRIES

12 MONTHS FROM THE
ACTUAL FILING DATE OF THE
TAX YEAR CONCERNED

DEADLINE IS EXTENDED IF A
RETURN IS FILED LATE( AFTER
31 JANUARY) OR AMENDED IE
12 MONTHS FROM THE END
OF THE RELEVANT QUARTER IN
WHICH THE RETURN IS
SUBMITTED OR AMENDMENT
MADE

HMRC DETERMINATIONS

3 YEARS FROM THE SELF
ASSESSMENT FILING DATE

A DETERMINATION CANNOT
BE APPEALED AGAINST THEY
CAN ONLY BE REDUCED BY AN
ACTUAL SUBMISSION OF THE
TAX RETURN

HMRC DISCOVERY

ASSESSMENTS

4 YEARS FROM THE END OF
THE TAX YEAR CONCERNED, 6
YEARS IF THERE IS A CARELESS
ERROR AND 20 YEARS IF THERE
IS A DELIBERATE ERROR OR
FAILURE TO NOTIFY
CHARGEABILITY TO TAX

PENALTIES FOR INCORRECT

RETURNS

THE LEVEL OF PENALTY IS A %
OF THE REVENUE LOST AS A
RESULT OF THE INACCURACY
OR UNDER ASSESSMENT AND
DEPENDS ON THE BEHAVIOUR
OF THE TAXPAYER

GENUINE MISTAKE=NO
PENALTY

FAILURE TO TAKE REASONABLE
CARE=30%

SERIOUS OR DELIBERATE
UNDERSTATEMENT=70%

SERIOUS OR DELIBERATE
UNDERSTATEMENT WITH
CONCEALMENT=100%

PENALTIES CAN BE REDUCED
WHERE THE TAXPAYER MAKES
FULL DISCLOSURE AND
COOPERATES WITH HMRC TO
ESTABLISH THE AMOUNT OF
UNPAID TAX

PAYE

19

TH

OF THE MONTH

INCLUDES NIC

AVG MONTHLY PAYMENTS ARE
<£1500 QUARTLEY PAYMENTS
CAN BE MADE

CAPITAL GAINS TAX

31 JANUARY FOLLOWING THE
END OF THE TAX YEAR OF
DISPOSAL

NO PAYMENTS ON ACCOUNT
INCLUDE DETAILS IN SELF
ASSESSMENT TAX RETURN

INTEREST ON LATE PAYMENTS
AND SURCHARGES