Self Assessment tax deadline could cost you £100

If you haven’t submitted your Self Assessment tax return by 31 January 2015 you will be subject to a £100 fine, courtesy of Her Majesty’s Revenue and Customs. If you still don’t co-operate you may find yourself facing larger fines.31 January

Self Assessment tax returns – Who needs ‘em?

You do, if you:

  • Are receiving Child Benefits and your income is over £50,000
  • Are self-employed as a sole trader or partner in a business
  • Get income from savings or property that hasn’t been taxed
  • Have previously, or currently, lived or worked abroad
  • Receive an income of £100,000 or more
  • Have professional subscriptions or expense claims that add up to £2,500 or more
  • Are a trustee
  • Need to pay Capital Gains Tax
  • Have taxable income from abroad

How do I submit my tax return?

If you haven’t submitted before, you will need to register with HMRC and receive your Unique Taxpayer Reference (UTR) number. To do this you must supply them with your NI number, a business address and the date your started your self-employment. You may have to pay a penalty if you didn’t register before the 5 October 2014 UTR registration deadline.

Once you’re registered, you’ll be able to log in to HMRC’s free Self Assessment online service and submit your return. For the most part it’s a relatively straightforward process as long as you take the time to read through everything and follow the instructions. Of course, that’s assuming that your return is a simple one.

If you have many different income streams, are running a small- to medium-sized business or have other complications, you might want to get hold of a professional. They will to help you avoid any possible penalties and make sure that you only pay what you have to.

If you need any help or advice, contact us on +44 (0) 207 759 5454 or email us at accountinginfo@1stcontact.com and we’ll help you get your return in on time.

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