If the tax returns are filed late, the HMRC will impose a minimum fine of £100 on the business. The 2015-2016 tax returns can be submitted in two ways. The business can either send a paper tax return or fill an online return on the HMRC website. There is different tax return deadline for different methods.

  • A paper tax return must be submitted to the HMRC by 31 October. Hence, for the year 6 April 2015 to 5 April 2016, the paper tax returns must be submitted by 31 October 2016
  • The other method is online filing. The deadline for online filing is 31 January. Hence, for the year 6 April 2015 to 5 April 2016, the paper tax returns must be submitted by 31 January 2017
Self Assessment UK Tax Returns

Other important cut-off dates for 2016

  • 31 October 2016: This deadline is for filing a paper tax return. However, if the business receives a notice that it must file a tax return later than 31 July 2016, the business will need to send back the fulfilled form within three (3) months from the date of notice
  • 30 December 2016: If the business files the tax return online and also have earnings taxed under pay-as-you-earn, the business can opt to have overdue tax (if it is less than £2,000) collected by pay-as-you-earn provided the business has filed the online return by this date. The benefit of this is that the tax payout will be spread over a period of 12 months from April 2016, and not in a single transaction by 31 January 2017
  • 31 January 2017: This is the concluding deadline for online tax returns, unless the business receives a notice to file an online tax return after 31 October 2016, in which the business has three months from the date of issue


A company tax or corporation tax is 20% of the company’s profit. The business pays corporation tax at the rate applied in the company’s accounting period. The preceding rate of tax paid by the business prior to 1 April 2015 depended on the value of the profit. From 1 April 2015, for profit value of £300,000 or less, the business shall pay tax at 20% and the same rate shall apply for profits above £300,000. Prior to 1 April 2015, if the business had a profit between £300,000 and £1.5 million, the business could have claimed marginal relief to reduce the corporation tax.

For businesses with accounting period less than 12 months, the small profit rate and key rate are for the whole year. The only difference is that the threshold reduces in line with the accounting period. Let’s assume that the accounting period is of 6 months. Hence, the £300,000 profit threshold is divided to £150,000. For associated companies, there is a shared tax threshold. If a company owns three (3) other companies, the threshold is divided by four (4). Hence, the small profit threshold for each will be £75,000.
In case more than one tax rate applies in an accounting period, the business should work-out the number of days each rate was applicable and then compute the tax due. For example, if the business accounting period is 1 March 2015 to 28 February 2016, the business pays:

  • the tax rate applicable for the financial year starting 1 April 2014 for 31 days (1 March to 31 March)
  • the tax rate applicable for the financial year starting 1 April 2015 for 334 days (1 April to 28 February)


Before the tax return deadline, HMRC must receive the tax return and the money the business owes. The tax year, for the prior year, was from 6 April 2015 to 5 April 2016.

Self Assessment Deadline
Register for Self Assessment 5 October 2016
Paper tax returns Midnight 31 October 2016
Online tax returns Midnight 31 January 2017
Pay the tax you owe Midnight 31 January 2017

There is an additional expense cut-off date of 31 July which the business must make advance payment towards payments on account. A penalty will be imposed if the business misses the cut-off date. However, the business can appeal not in favor of the penalty if the business has a reasonable excuse.


For the tax year ended 5 April 2016, following are the cut-off dates for self-assessment tax returns:

  • Paper return cut-off date – 31 October 2016
  • Online, for business owing less than £3,000 – 30 December 2016
  • General online return – 31 January 2017


As issued by the HMRC, there are two categories of self assessment penalties. One for late filing penalties and the other is for late payment of payable tax. Both add up over times.

Late filing

Deadline missed

£100 penalty

Overdue by 3 months

Upto 90 days, daily £10 penalty

Overdue by 6 months

Greater of 5% of tax due or £300

Overdue by 12 months

Greater of 5% of tax due or £300

If the HMRC believes that the taxpayer is deliberately withholding information or evading tax, additional penalties may apply.

Late payment

Overdue by 30 days

5% of tax due

Overdue by 180 days

5% of tax due on that date

Overdue by 12 months

5% of tax due at that date

Corporation Tax

Corporation Tax penalties, as with self assessment, are issued for late payment and late filing, and increase with time.

Late filing

Late by 1 day

Penalty of £100

Late by 3 months

Penalty of £100

Late by 6 months

Penalty of 10% added to estimated tax bill

Late by 12 months

Penalty of 10% added to estimated tax bill

Late payment

Every overdue payment Penalty of 3%


DNS Accountants is a skilled taxation and accounts management firm that offers complete range of tax planning services to individuals across the United Kingdom. DNS has a strong track record of supporting individuals to manage and plan their savings. DNS helps individuals manage their tax home pay and file tax returns. DNS is a well-known firm of CA’s or ACA’s with operations in various cities and counties of the United Kingdom. The firm’s learned team focuses on helping people with their tax credits and other services such as bookkeeping, accounts management, self-assessment, business start-up, payroll-management and taxation advisory. The firm is very ethical & delivers unmatched customer service and consistent support to the clients. At DNS, we are constantly in touch with our clients. DNS Accountants are the best for tax credit support as:

  • We offer services at a FIXED price
  • Service, Consistency and Transparency – The customers know exactly what they are being billed for
  • Certainty on the tax base
  • Help with net take home pay calculation
  • Reduce the tax base

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DNS Accountants offers taxation & accounting services to individuals and owner managed businesses. Our learned team of CAs / ACA and tax accountants helps clients with services ranging from bookkeeping to payroll to tax planning, and filing tax returns. DNS Accountants help clients focus on maximizing their wealth.

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