Missed the self assessment deadline. What happens? 1 October 2022 at 8:36PM edited 1 October 2022 at 8:38PM in Cutting tax 8 replies 222 views

Jeff_E

Ok, I'm new to tax self assessment, and I believe I was supposed register before October, but like an idiot I've just missed the deadline by a day, I think (although, in my defence, the bad bout of Covid didn't help).

What happens? Will I receive a fine? If I register over the weekend, will I dodge whatever (I'm guessing you can register online)?

Thanks.

gorgeousme

Did you go self employed? You need to register by 5th October so no panic.

Jeff_E

gorgeousme said:

Did you go self employed? You need to register by 5th October so no panic.

Not quite. I'm living off savings after being made redundant. I also sold an investment that has a CGT liability. I assume the same deadline applies?

Dazed_and_C0nfused

Jeff_E said:

gorgeousme said:

Did you go self employed? You need to register by 5th October so no panic.

Not quite. I'm living off savings after being made redundant. I also sold an investment that has a CGT liability. I assume the same deadline applies?

If you take the following steps you are highly unlikely to have any issues

1.  Register now for Self Assessment

2.  File your tax return within 3 months of it (or a notice to file a return) being issued

3.  Pay any tax owed by 31 January 2023.

Point 3 applies irrespective of when the return is due to be filed.  You might not need to file your return until say 20 Feb 2023 (if it is eventually issued on 20 November 2022) but you must pay the tax by the normal due date.

Jeff_E

Sounds good. Thanks guys.

gorgeousme

Well, that will depend on what you have sold and how much the proceeds were. Check on the Gov.uk website and ask an accountant.

Keep_pedalling

Is it actually necessary to  register for SA for a one off gain? I thought you could simply use the real time capital gains service. 

https://www.gov.uk/report-and-pay-your-capital-gains-tax

What sort of asset did you dispose of? If it was property it should have been reported within 60 days of disposal and some items you don’t have to declare such as cars or watches.

https://www.gov.uk/capital-gains-tax-personal-possessions/limited-lifespan

Jeremy535897

If you have to report a capital gain using the online service, you also have to complete a self assessment tax return to report the same gain.

Keep_pedalling

Jeremy535897 said:

If you have to report a capital gain using the online service, you also have to complete a self assessment tax return to report the same gain.

Thanks for the clarification.