It comes around almost as fast as Christmas, and here we are again. The 31 January 2017 marks the deadline for filing of the 2015/16 Self-Assessment Tax Return (SATR).
Individuals who are required to submit a SATR include, the self-employed and some landlords, investors, company directors, high earners and people who have worked overseas.
Those taxpayers who fail to file their Return online by midnight on Tuesday 31 January will be subject to an automatic penalty of £100. This applies even if there is no tax to pay, or the tax is paid on time.
Tax Returns which are not filed after a further three months will be subject to daily penalties, and additional penalties will apply to Returns which remain unfiled after six and 12 months, adding up to a potential penalty of £1,600 or more.
Penalties and interest charges also apply for the late payment of tax, and these will continue to be applied until HM Revenue & Customs receives payment.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.