A reminder that HM Revenue and Customs (HMRC) must receive your 2018 UK tax return and any money you owe by the 31st of January 2019.
If you have been issued with a Notice to File a 2018 UK tax return the return must be completed and lodged if a late filing penalty is to be avoided.
Penalties start at £100 if your tax return is received by HMRC a day late.
An additional daily penalty at the rate of £10 per day is added if the tax return remains outstanding more than 3 months after the due date (with a maximum daily penalty of £900), with additional penalties arising if the tax return remains outstanding more than 6 months after the due date for filing.
These penalties apply even if there is no tax to pay.
If a balance of tax is payable for the 2017/18 UK tax year and has not been paid by the end of January 2019 interest will start to accrue.
Late payment penalties are also payable if tax owing to HMRC in respect of the 2017/18 tax year is not settled, starting at 5% of the tax owing if not paid within 30 days of the of January 2019.
In short – if you don’t want HMRC to hit you with late filing penalties don’t be late lodging your 2018 UK tax return before the end of next month!
Remember that 2018 UK tax returns can now only be submitted to HMRC electronically – we are past the 31st October 2018 deadline for submitting paper tax returns – and that a Residence supplement must be lodged if you are no longer living in the UK.
The Residence supplement is discussed here, and cannot be lodged through the HMRC website.
If you think you need help preparing and lodging your 2018 UK tax return please complete the enquiry form on this page. We will be pleased to have an initial no charge discussion about your situation and how we might help.
If you are not sure whether you are required to lodge a UK tax return under the self assessment regime please see our earlier blog here.