If your self-assessment tax return is not completed yet, now is the time. HMRC must receive your self-assessment return by the 31st January at the latest. HMRC say that if yours has not been submitted yet, they will only accept it online and any returns filed late will mean you will be required to pay the new £100 penalty even if there is no tax liability, this is a significant change to previous years. Over time these penalties can add up to a maximum of £900, so with a tough year ahead for UK businesses make sure your tax return is completed on time. If you are at all unsure about your Self-assessment Tax return contact Bracey’s Accountants now while you still have some time.