Income Tax Self-assessment

2. Your Obligations

HMRC must receive your tax return by 31 October if you want to submit a paper return, you want the tax office to calculate and tell you how much tax you owe or if you want the tax office to collect tax through your tax code. You can still submit a paper tax return after 31 October, but you will be charged a £100 late filing penalty.

2.1 If you want to submit your tax return online, you can delay submiting your tax return until the 'fixed filing date', which is 31 January.

• If you are sending the form in the post, allow a few days for delays. You can also file tax returns over the Internet. Visit www.hmrc.gov.uk.
• If you fail to submit your tax return by 31 January, you will incur a fine of £100.You will be fined a further £100 if the tax return is still outstanding on 31 July. If you still fail to submit your tax return after this date, you can be fined up to £60 a day.
• Your fine will be related to the tax due if you fail to submit your return within 12 months, but cannot exceed the total you owe.

2.2 You must pay your tax on time.

2.3 You must keep detailed records to support the information provided in your tax return.

• The self-employed, those in partnership and those who let property must keep records for five years and ten months after the end of the tax year to which they relate.
• If you are not running a business, you are normally required to keep records for 22 months after the end of the tax year to which they relate.