Self Assessment Tax return – You still have time to submit. Deadline 31st January
Millions of taxpayers in the UK must submit their self-assessment tax return by the end of this month for the tax year 2017/2018.
If you are one of them, you still have time, but bear in mind that it is a timely process, especially if it is your first time.
"It is encouraging that around 52% of taxpayers have already completed their self assessment tax returns. With less than one month to go before the deadline, there are still many people that need to act now," Mel Stride, financial secretary to the Treasury declared.
The reason you should hurry is because after the 31st of January 11:59pm you start getting fined.
You’ll be charged £100 penalty if you do not submit the tax return by the deadline and further penalties of £10 a day are applied in the first 3 months. After 6 months, the penalties increase at 5% of the tax owed or £300, repeated at 12 months.
Do you know if you must send a tax return?
According to GOV.UK, you must send a tax return if in the last tax year, if you:
Are self-employed and earn over £1,000
Are a partner in a business
Have money from renting a property
Have tips and commissions
Have foreign income
Have other untaxed income
How much tax you pay depends on the Income Tax band you belong to, as seen in the table below (gov.co) :
Being self-employed is a great experience, but you also have responsibilities.
You must complete your tax return each year, called a self-assessment tax return, to HM Revenue & Customs.
It includes all your taxable income and capital gains. HMRC can charge you if the information is not accurate, complete and, of course, on time.
Make sure you are claiming all expenses, including mileage, uniforms, pensions contributions, donations to charity (if you pay higher rate tax).
You can submit your tax return online or by paper.
If you are yet to submit your self-assessment tax return , do call us at 01749 321007 or via email accounts@bookrite.co.uk.
