Approximately 750 thousand British have missed the deadline for filing an annual tax return of individuals (self-assessment tax return). If you are one of them, here is what you need to know.
According to the information of Her Majesty's Revenue and Customs (HMRC), 10.7 million people filed tax returns on time and 758,707 filled them on the last day. The last day for filing a tax return and payment of assessed taxes in the 2016/2017 tax year was January 31st. If you missed this deadline, you will be fined up to £150.
"I missed the deadline for filing an annual tax return, what should I do?"
If you are one of 745 588 people who missed the deadline for filing a tax return, fill it out online. By sending the declaration by mail, you will pay a maximum penalty (£900), because the deadline for sending the declaration by mail expired on October 31st, 2017.
So, you should as soon as possible:
fill out the tax return online. It is filled for the fiscal year 2016/2017;
pay the assessed tax. You will have to pay the tax that you owe for 2016/2017, and in most cases pay a fee for what you owe for 2017/2018.
To complete the online declaration, you need to be registered with Government Gateway or Gov.uk Verify (you are registered if you filled out the declaration earlier). You can register on the Gov.uk website to fill out the declaration.
Filling out the declaration for the first time, you need to register to enter the system on Gov.uk. Do this as quickly as possible, since it may take up to ten days for the activation code to be obtained. This process cannot be accelerated if you missed the deadline for filing the declaration and if you were not registered earlier. It is important to note that since January 13th, 2018, HMRC does not allow Britons to pay with a personal credit card, but it is possible to pay in other ways, including bank transfer and debit card.
"What if I cannot pay the tax?"
If your tax is calculated correctly, but you cannot pay it, contact HMRC as soon as possible to avoid a fine for delaying the fee. You can agree to pay it in installments. Contact HMRC at 0300 200 3822. The line is open from Monday to Friday from 8:00 to 20:00, and on Saturdays and Sundays from 8:00 to 16:00.