Late Self Assessment Notes

• Clients who normally submit paper returns may be penalised if they miss the October deadline even if they make on online return before 31 January.
• Late payment penalties equal to 5% of the unpaid tax after 30 days, six months and then twelve months.
• Interest is also due on all tax paid late. This was 3% pre August 2016 and 2.75% post August 2016.
• If a return needs to be made and the unique tax reference (UTR) has not come through yet, a paper return may be filed as long as the national insurance number (NINo) is inserted.

[Culled from notes taken at the HMRC Webinar 12 Jan 2017 n Self Assessment – Debt Management]