If you haven’t submitted your Self Assessment tax return yet, drop what you’re doing and start filing now. You’ve got until midnight, Friday 31 January to submit your return online. Any later and HMRC will penalise you £100.
Most employees pay National Insurance and PAYE tax straight from their regular salaries. Typically, if you’re one of these taxpayers, you don’t need to submit a Self Assessment return, but nine million people in the UK fall outside this category. If any of the below sound like you, you’ll need to submit your tax return by the stroke of midnight on Friday 31 January.
- You’re self-employed
- You’re the director of a limited company
- You have an annual income of £100,000 or more
- You have an income of £10,000 or more that is not taxed (for instance, rental income or certain e-bay sales)
- You’re a minister of religion
- You are employed and want to claim work expenses or professional subscriptions of more than £2,500
- You are required to pay Capital Gains Tax from the sale of assets like shares or property
- Your household has a high-income earner and receives a child benefit
- You’re a trustee of someone who has died
HMRC leaves it up to the individual to inform them of income that needs to be taxed. Our advice is to play by the rules and register now to get your tax returns out of the way so that you can have a clean start to the year ahead.