If you are self-employed (a sole trader or a member of a partnership), or the director of a limited company, you must always fill in a SA100 tax return. If you receive untaxed income from savings or property, chances are you will also need to fill in a return.
The paper tax return deadline has passed, so if you didn’t send in a return by the 31st of October 2012, you have no choice but to complete your return online and submit it before the 31st of January 2013.
January is unfortunately the busiest month for most of us. You are back at work, exhausted from what should have been a relaxing holiday and you now have a million and one things piled up to be taken care of immediately. Why add yet another tedious task to the list? By doing your assessment before you take your break, you can enjoy your holiday knowing that it’s behind you for another year.
But peace of mind is not the only reason to complete your return before the end of the year. If you leave it until January and then miss the deadline, you could end up losing a lot of hard-earned money. The initial penalty is £100 for a late submission, even if it’s just by a day. Then you will need to cough up a further £300 after 3 months, or £900 after 6 months – and if you still haven’t managed to submit your return, you will pay a further £10 per day until submission.
Even if you haven’t traded or made income for the year, you will still need to submit a return if your Self Assessment record is open.
Thousands of people leave their returns for the last minute, so our advice is that you contact us in good time so we can submit yours promptly.