Self Assessment Deadlines
Tax Returns have to be submitted to HMRC within the stipulated deadlines so don’t put it off or leave it until the last minute! Please also bear in mind that any tax due owed to HMRC must be paid by the 31st January deadline.
The tax return deadlines applicable for each tax year are as follows:
- 2012-2013: 31st January 2014 for online filing & settlement of any tax due
- 2013-2014: 31st October 2014 for paper return; 31st January 2015 for online return & settlement of any tax due
Self Assessment Penalties
Remember, the longer you put it off, the heavier HMRC’s penalties will become. These penalties stand as follows (source taken from HMRC website):
- Missing the 31st January deadline (even by one day!): £100
- 3 months late: £10 per day, up to a maximum of 90 days = £900. This is as well as the fixed penalty above
- 6 months late: £300 or 5% of the tax due, whichever is the higher. This is as well as the fixed penalties above
- 12 months late: £300 or 5% of the tax due, whichever is the higher. In serious cases you may be asked to pay up to 100% of the tax due instead. In some cases the penalties can be higher than this. This is as well as the fixed penalties above
The Non Resident Landlord (NRL) scheme
If you live overseas but rent out a property in the UK through a letting agent you may be registered under the Non Resident Landlord (NRL) scheme.
Unless you chose to opt out of this scheme, you would actually pay 20% income tax at source, which means that your letting agent would deduct 20% from your gross rental income and repay this sum automatically to HMRC on your behalf towards your income tax liability. If this is your case, then you would probably be overpaying income tax and qualify for a tax rebate. But remember - being registered under the NRL scheme does NOT exonerate you from filing a tax return at the end of the tax year within the stipulated deadlines.
As an experienced tax agent, we understand the allowances and tax breaks that will allow you to claim the maximum refund value possible. Contact us for a FREE no obligation assessment of your case.