If you missed the end of October deadline for submitting your paper tax return, you can still complete your Self Assessment return online and submit it by 31 January 2014.
With January being one of the busiest months of the year, it’s best to try complete your Self Assessment return before the end of the year. Not only will this save you the hassle of submitting your tax return in the new year, it will prevent you from having to pay a hefty fine. For example, the initial penalty for a late submission is £100, followed by another £300 after 3 months, £900 after 6 months, and a further £10 per day until your submit your tax return.
Who should submit a Self Assessment return?
If any of the following apply to you, you’ll need to complete a Self Assessment tax return:
- You’re self-employed (a sole trader or a member of a partnership), or the director of a limited company
- You receive untaxed income from savings or property
- You receive a total income of £100,000 or more
- You want to claim expenses or professional subscriptions of £2,500 or more
- Either you or your partner receive Child Benefit and your income is over £50,000
- You are a trustee
- You have foreign income that’s liable to UK tax
- You have Capital Gains Tax to pay
- You have lived or worked abroad (or live outside of the UK)
Our advice is that you register to use HMRC Online Services as soon as possible, so that you receive your online activation code with plenty of time to submit your return.
If you need any assistance or advice regarding your Self Assessment tax return, please visit 1st Contact Accounting.