Tax is usually deducted automatically from wages, pensions and savings. However, people that have other income, such as from a business, must report it in a tax return. Self assessment is the system that H M Revenue and Customs (HMRC) uses to collect income tax from unincorporated businesses such as sole traders and partners.
The self assessment tax return can be completed after the end of the tax year, 5 April, each year. The deadline for filing a self assessment tax return is currently 31 January following the tax year. So for instance, the deadline for the 2021/22 tax return is 31 January 2023.
Penalties
There is a late filing penalty if you need to send a tax return and you miss the deadline for submitting it or paying your bill.
You would pay a late filing penalty of £100 if your tax return is up to 3 months late. You’ll have to pay more if it’s later, or if you pay your tax bill late.
Appeals
It is possible to appeal against a late filing penalty if you have a reasonable excuse.
