Newbie question on Online Self Assessment

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  • Newbie question on Online Self Assessment

    Hello to everybody.
    It is the first time for my other half to submit an online self assessment as she just started letting in 2011 and the first tac return one is now due.
    She has just submitted the online return yesterday knowing that the deadline is tomorrow. However, naively, we both thought that she would then straight away be able to make payment for tax that is owed (which of course, is also due the same day!).
    However, it looks like the return is still being processed and there is no confirmation of the tax to be paid (even though the amount has already being calculated and displayed at the end of the submission).
    For those experienced in doing online self assessments, any advice on how long it takes to process the return and how soon payment can be made as I am a bit fearful that she will miss the payment deadline even if paying by debit card. Your advice would be much appreciated.

  • #2
    If you know what to pay I suggest you pay it now. If you wait until after 31st Jan you automatically get a £100 fine.


    • #3
      Thank you for the advice - so it should be okay to make a payment in advance? If that is so, I will paythe amount that has been quoted at the end of the online submission.


      • #4
        Pay the amount quoted now - if you are due in any back, HMRC will refund you or put it towards next year.


        • #5
          Originally posted by JK0 View Post
          If you know what to pay I suggest you pay it now. If you wait until after 31st Jan you automatically get a £100 fine.
          The automatic £100 fine is for not submitting the tax return on time - not for failing to pay the tax by the deadline. If you're late paying the tax it'll be an interest charge. I think the HMRC interest rate is 3% per annum. If you don't pay the tax within 30 days things get more serious with a penalty of 5% of the tax owing plus interest for the time owing.


          • #6
            Thank you for all your advice. Have made the payment yesterday based on the figure that was calculated at the end of the submission. Hopefully have done it the right way and avoided paying interest for late payment.


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