The paper deadline for tax returns closed on 31 October.  Online tax returns must be with HM Revenue & Customs (HMRC) by midnight on 31 January 2017.  This is also the date for the final payment of any tax due.

The penalty for not  filing on time is £100.

After three months, any late returns will be subject to a penalty of £10 per day for each day the tax is due, up to a maximum of 90 days and a maximum of £900, as well as interest on the outstanding tax.

Any return that is six months late will be subject to a fine of £300 or 5 per cent of the tax due, whichever is higher.  For returns which are 12 months late, another £300 or 5 per cent fine of the tax due will added to the final bill.

If a person is unsure of their self-assessment and tax payment commitments they should seek  advice as soon as possible to avoid penalties.

Ensure all the details required to complete your self-assessment return are with your accountant ahead of the deadline.

The deadline for self-assessment also provides an opportunity to minimise any liabilities through careful tax planning.

Reliefs are available to businesses and individuals including relief for charitable contributions, private pension contributions and work expenses.

Registered office: 61 Friar Gate, Derby, Derbyshire, DE1 1DJ   T: 01332 202660

Adrian Mooy & Co is the trading name of Adrian Mooy & Co Ltd.  Registered in England No. 05770414