When is the Self Assessment deadline?
Emily Coltman, FCA is the Chief Accountant for FreeAgent, who make online accounting software for small businesses and freelancers.
Hi, I'm Emily Coltman chief accountant to FreeAgent where we make online accounting software for small businesses.
So, when is the Self Assessment deadline and what happens if you miss it?
If you're filing your tax return on paper, the deadline is the 31st of October.
If you're filing your tax return online, or if your accountant's filing it for you online you get a bit longer, you get until the 31st of January – but be careful, don't leave it right until the last minute because the website gets really busy at the end of January and you may find that you can't get your tax return in so the sooner the better for filing your return.
What happens if you miss the deadline? Well you will get fined a hundred pounds and that's even if you don't owe any tax, even if you've paid all your tax, that fine is for filing your tax return late – if you're so much as a day late you will get fined a hundred pounds. So make sure you get your return in on time because the penalties do go up the longer you leave it.
If you'd like more information about how FreeAgent can help you to file your tax return, please do click the link above the video.
Thanks for watching and we'll see you in the next clip.Find out more about Self Assessment in FreeAgent