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An Introduction to Self Assessment (Penalty for late filing (£100, £10 for…
An Introduction to Self Assessment
Self-assessment tax returns can be filed by either paper or electronic.
Paper return due 31 October or 3 month after issue
Electronic return due 31 January or 3 months after issue.
Notification of Return
Must notify HMRC before 5 October for income tax and capital gains
Penalty for failure to notify
Deliberate an Concealed
:
Maximum - 100%
Prompted Disclosure - 50%
Unprompted Disclosure - 30%
Deliberate but not concealed
:
Maximum - 70%
Prompted Disclosure - 35%
Unprompted Disclosure - 20%
Any Other Case:
Maximum - 30%
Prompted Disclosure - More than 12 months - 20%
Less than 12 months - 10%
Unprompted Disclosure - More than 12 months - 10%
Less than 12 months - NIL
Penalty for late filing
£100
£10 for 90 days after first month
5% of liability after 6 months or £300
5% of liability after 12 months or £300
Amendments and enquirys
Up to 12 month after original return submitted
Will only enquiry once
Up to first anniversary of return being submitted
Record Keeping
Sole Trader, Partnership, Letting Properties: 5 years
Anyone else: 1 year
£3000 for each failure
Incorrect Return Penalties
Deliberate and not concealed:
Maximum - 70%
Prompted Disclosure - 35%
Unprompted Disclosure - 20%
Careless Action:
Maximum - 30%
Prompted Disclosure - 15%
Unprompted Disclosure - 0%
Deliberate and concealed:
Maximum - 100%
Prompted Disclosure - 50%
Unprompted Disclosure - 30%
Legislation
TMA1970
Finance Act 2009 Sch 24