Only two months remain until the 31 January 2020 deadline for the online submission of Self-Assessment Tax Returns.
Self-Assessment Tax Returns must be completed in respect of nearly all income that has not been subject to PAYE. This includes the following groups:
- Self-employed individuals
- Sole traders
- Individuals in receipt of rental income
- Individuals in receipt of tips and commission
- Those with income from savings, investments and dividends
- Individuals in receipt of overseas income
Additionally, people who are liable for the High Income Child Benefit Charge (HICBC) may need to file a Self-Assessment Tax Return. This generally applies to people with an income of £50,000 or more.
Anyone who misses the 31 January deadline for online filing and payment will be subject to penalties from HM Revenue & Customs (HMRC), which start at £100.
Angela MacDonald, HMRC Director General for Customer Services, said: “We want to help people get their tax returns right – starting the process early and giving yourself time to gather all the information you need will help avoid that stressful, late rush to file.”
Rob Chedzoy, a Tax Partner at Milsted Langdon, said: “The clock is quickly ticking away on the Self-Assessment deadline and it will soon be upon us. Last year, thousands of people submitted their returns at the last minute, with some even completing theirs on Christmas Day.
“Despite the warnings issued by HMRC, thousands of people still miss the deadline and end up getting penalised. It is therefore critically important that you return all information to us as soon as you can so we can assist you with the preparation and submission of your tax return.”
Contact us today if you have any queries regarding Self-Assessment Tax Return or if you require help with your online submission.