If you were due to submit a self assessment tax return for 2017/2018 but have not done so (the deadline was 31st January 2019) then you will shortly receive a penalty notice from HMRC - The initial penalty amount is £100 and this is regardless of your tax position. HMRC may even owe you but you will still be fined!
The penalty notice should act as a prompt for you to get the outstanding return completed and submitted. If you fail to do this by April 30th then further penalties of £10 per day are added to the £100. HMRC will usually do this in blocks of 90 days at a time so you may suddenly receive a £900 penalty. You can soon get up to £1,000 being owed plus if you still delay making the submission even more penalties are applied.
Also, beware that if you do owe tax, a late return will mean interest being charged and potential fixed percentage penalties of 5% of the outstanding tax, all on top of the penalties mentioned above.
If you need help preparing and submitting this or any other outstanding self assessment – don’t delay, contact us today.