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Where Taxpayers and Advisers Meet

Missed self-assessment deadline

ZRoark
Posts:1
Joined:Fri Oct 29, 2021 9:13 pm
Missed self-assessment deadline

Postby ZRoark » Fri Oct 29, 2021 9:32 pm

I received a one-off payment of £4000 for a project I undertook in the last financial year (20/21) in addition to my regular taxed income from a full-time job. I did not realise this needed to be declared, and I have now missed the cut-off to register for self assessment (5th October 21) in order to file a tax return by 31st October 21.

I would like to know:
- is it too late to register for self assessment to declare my additional 20/21 income now?
- if I register now that I have missed the cut-off, will I be fined for registering late?
- if so, how large is the fine likely to be?
- what will be the consequences if I delay declaring the income further?

Thank you in advance for your advice.

Lambs
Posts:1611
Joined:Wed Aug 06, 2008 3:15 pm

Re: Missed self-assessment deadline

Postby Lambs » Sat Oct 30, 2021 12:58 pm

Z,

The deadline of 31 October applies to the usual filing schedule for paper returns.

Your late notification penalty is pegged to / depends on whatever amount of tax is still outstanding after the usual 2020/21 return filing (and balancing payment) deadline of 31 January 2022. (For reference, FA 2008 Sch 41 Para 7 (1)(2))

Therefore, so long as your tax position is squared away by that date, then your late notification penalty will be £nil.

So make sure your return is prepared, filed, and any outstanding tax is settled by 31 January, and you should still be OK.

(Strictly, it's the money that's the key issue but it wouldn't hurt to have the paperwork sorted by then and, practically speaking, you may need to have at least finalised your tax return before you can be sure you know what your net liability is).

Regards,

Lambs


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