Self assessment deadlines approaching
Two self assessment deadlines are approaching:
- 5th October 2019
For those individuals who have not previously completed a tax return but need to report a liability for 2018/19.
- 31st October 2019
For those individuals who have previously submitted ‘paper’ self assessment tax returns the deadline for the 2018/19 return is 31 October 2019. Returns submitted after that date must be submitted electronically or they will incur a minimum penalty of £100. The penalty applies even when there is no tax to pay or the tax is paid on time.
If you would like any help with the completion of your return, please do get in touch.
Internet link: HMRC deadlines
More about Self Assessment
Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax.
Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return.
If you need to send one, you fill it in after the end of the tax year (5 April) it applies to.
Sending your return
File your tax return online or send a paper form
Send your tax return by the deadline.
If you did not send an online return last year, allow extra time (up to 20 working days) as you’ll need to register first. There are different ways to register if you’re:
Filling in your return
You need to keep records (for example bank statements or receipts) so you can fill in your tax return correctly.
You can get help filling in your return.
Paying your bill
HMRC will calculate what you owe based on what you report.
Pay your Self Assessment bill by 31 January.
How much tax you pay will depend on the Income Tax band you’re in. There’s a different rate for Capital Gains Tax if you need to pay it, for example you sell shares or a second home.
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