Self-assessment tax return deadline looms

The deadline for the submission of online self-assessment tax returns is approaching, with taxpayers failing to meet the 31st January deadline to receive a £100 fine, even if they do not actually owe any tax.

Continued failure to submit a self-assessment tax return after the deadline will result in increased fines, with £10 being added each day if no return is received within three months of the deadline, increasing if the delay reaches six months. The late submission of forms last year resulted in £1billion worth of fines being issued, and a survey by Crunch Accounting estimates that two-thirds of people will fail to submit their form in time this year.

If you require advice from a tax specialist in Northern Ireland in respect of self-assessment returns, income tax, inheritance tax, capital gains tax, or general tax planning, contact Wilson Nesbitt in Belfast by calling 0800 840 9288.