Self Assessment Personal Tax returns due 31 January 2017

Don't miss the HMRC deadline or penalities will apply


Self assessment personal tax returns due by 31 January 2017

HM Revenue and Customs (HMRC) must receive your tax return and any money you owe by the deadline. The last tax year started on 6 April 2015 and ended on 5 April 2016. The deadline for paper self assessment tax returns has now passed (31 October 2016) and therefore all online tax returns must be submitted by midnight on 31 January 2017. You must also pay any tax you owe by midnight on 31 January 2017.


Earlier submission deadline if you'd like tax due paid through your PAYE tax code

You can pay your Self Assessment bill through your PAYE tax code as long as all these apply:

  • you owe less than £3,000 on your tax bill
  • you already pay tax through PAYE, eg you’re an employee or you get a company pension
  • you submitted your paper tax return by 31 October or your online tax return online by 30 December 2016


Penalities will apply if you miss the 31 January 2017 deadline

After 31 January 2017 automatic late filing penalties will apply. The minimum penalty you would pay is £100, but this will increase as follows:

  • 3 months late – a daily penalty of £10 per day up to 90 days, a maximum £900
  • 6 months late – 5% of tax due or £300 if greater
  • 12 months late – a further 5% of tax due or £300 if greater, unless tax payer is deemed to be withholding information in which case
  • 12 months late and taxpayer withholding information – between 70% or 100% of tax due, or £300 if greater.

Avoid penalties by submitting return and paying tax by the deadline 

Pay any tax due by 31 January 2017

Unfortunately, on the same date, 31 January 2017, you will need to settle any outstanding tax owed for 2015-16 and make a payment on account for 2016-17. Again, if you are late making these payments further penalties and interest will be charged.


Claiming a tax refund

One final point. It is, of course, entirely possible that you may have overpaid tax for 2015-16. If this is the case, the argument to file sooner rather than later is a no-brainer: why would you leave your cash in the Treasury’s coffers for longer than you need to?

According to HMRC you may be due a tax refund if you:

  • are employed and had too much tax taken from your pay
  • have stopped work
  • sent a tax return and paid too much tax
  • have paid too much tax on pension payments
  • bought a life annuity

Remember to submit your tax return by the deadline 31 January 2017You may also be able to reclaim tax:

  • if you have paid tax on savings interest and you are on a low income
  • if you live in one country and have income in another - how you do this depends on whether you’re a UK resident with foreign income or a non-resident with UK income

Certain sub-contractors in the building trade, who are self-employed but still have tax stopped from their wages, will also, in most cases, have overpaid tax.


We can complete and submit your tax return for you

Readers who are concerned they have overpaid tax should contact HMRC or we can help if this line of approach is proving to be problematic.

For more information, guidance and assistance with your personal tax return, contact the team at New Forest Tax Accountants, now based in Queen Street, Lymington. We can complete and submit your tax return on your behalf - but please do get in touch soon as the clock is ticking!

We are open as normal, Monday-Friday, over the Christmas and New Year holidays, except bank holidays.

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