The deadline to submit Self Assessment tax forms has passed already. (Image: Getty)
Anyone who missed a crucial HMRC tax deadline last week could be in line for a £100 fine – unless they’ve got a good excuse.
The deadline for submitting Self Assessment tax forms was 11.59pm on Friday, January 31.
Anyone who is supposed to submit a form but didn’t could be slapped with a £100 fine. And this will increase every three, six, and 12 months if it isn’t paid.
Contrary to popular belief, it’s not just the self-employed who need to fill in self-assessment forms.
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Who needs to complete a tax return:
- Anyone employed as a sole trader who earned more than £1,000 before tax in the financial year;
- Any partner in a business partnership;
- Anyone with a total taxable income of more than £150,000;
- Anyone who had to pay Capital Gains Tax when selling or ‘disposing of’ something that increased in value;
- Anyone who had to pay the High Income Child Benefit Charge;
- Anyone with untaxed income, such as money from renting out a property, tips or commission, income from savings, investments and dividends, or foreign income.
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‘Reasonable excuses’
However, does have a list of “reasonable excuses” it will accept for those who missed the deadline. These are:
- Your partner or another close relative died shortly before the tax return or payment deadline;
- You had an unexpected stay in hospital that prevented you from dealing with your tax affairs;
- You had a serious or life-threatening illness;
- Your computer or software failed while you were preparing your online return;
- Issues with online services;
- A fire, flood, or theft prevented you from completing your tax return;
- Postal delays that you could not have predicted;
- Delays related to a disability or mental illness you have;
- You were unaware of or misunderstood your legal obligation;
- You relied on someone else to send your return, and they did not.
If any of these apply you must let know within 30 days of receiving a fine – if this deadline is missed, you will need to explain why. For more information .