The end of 2014 is nigh, meaning one of few things… Time is running out to submit your tax return online and avoid a potential penalties.

It is imperative for sole traders, business partners and company directors to ensure their finances are in order before the festivities begin, as the self-assessment tax return online deadline is looming. This is why we’ve put together important financial deadlines you need to know, information on penalties for missed deadlines and some useful links.

Those who are filing online for the first time should have already registered to do so. The online registration deadline was 5th October 2014, and if you’ve missed this, it is likely you’ll receive a penalty. You must still register as a priority in order to complete you online return, as it can take up to seven working days for an activation code to be sent to you.

If you previously registered to submit a tax return, you will be required to complete and submit one again this year. Even if you don’t owe any tax you are legally obliged to complete and return your Self Assessment form.

Not sure if you need to fill in a Self Assessment tax return? Find out here.

Impending Deadlines

30th December 2014- This is the Self Assessment tax return deadline for those who owe less than £3,000. Those who complete their online return by this date can choose to have the tax they owe collected through their PAYE tax code. This makes tax payments more manageable as they’re spread throughout the year, rather than in one lump sum on January 31st.

31st January 2015- This is the deadline for the online return for your Self Assessment form for the tax year ending 5th April 2014. The balance of this tax return is also due on this date, along with the first payment on your account for 2014/15.

31st July- Your second tax payment on your account for 2014/15 is due on this date.

Other Important dates:

19th of Each Month- The Construction Industry Scheme (CIS) monthly return must be submitted either on paper or electronically. If there is nothing to report, this can be recorded over the telephone.

22nd of Each Month- Electronic payments of PAYE and Class 1 National Insurance Contribution (NICs) must be cleared in HMRC’s bank account by this date each month.

Penalties

If you miss any of the above deadlines, you run the risk of receiving a penalty. There are already two deadlines that have passed, and those who have missed these will incur a penalty. The online Self Assessment registration date was 5th October and the paper return deadline was October 31st.

Those who file a late Self Assessment can expect to receive an automatic fine of £100 from day one, even if they have no tax to pay or have paid taxes on time. This penalty can increase to £900 and in serious cases this penalty run up to thousands of pounds.

There are also other penalties to be aware of. If you submit inaccurate or incorrect return, and HMRC feel that you were either careless or deliberately misleading, they can charge a further 30% to 100% of the tax you owe.

For further information on Self Assessments, penalties and payments, check out the following links:

Estimate your penalty here

Find out everything you need to know about Self Assessments

Find out about Real Time Information (RTI)

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