The deadline for submitting 2017/18 self assessment tax returns online is 31 January 2019, HMRC is urging tax payers to complete their tax returns early, in order to avoid the last minute rush. An automatic penalty of £100 applies if the return is late.
HMRC advise that last year, more than 11 million tax payers completed a 2016/17 Self Assessment tax return, with 10.7 million completing on time. There were 4,852,744 taxpayers who filed in January 2018 (44.8% of the total), and 758,707 on 31 January, the deadline day.
You may be required to file a tax return if:
- You are self employed or a partner in a partnership
- You are a company director
- You have large amounts of savings or investment income
- You have untaxed savings or investment income
- You own land or property that is being let
- Your household receives Child Benefit and you have income in excess of £50,000
- You have income from overseas
- You have sold or given an asset away (such as a holiday home or some shares)
- You’ve lived or worked abroad or aren’t domiciled in the UK
If you want to make sure you are paying the right amount of tax, you should contact one of our tax professionals.
Wellden Turnbull will take the worry away when it comes to self assessment tax returns, we can:
- Complete your tax return
- Calculate your tax liability
- File your return online
- Liaise with you on the amounts to be paid and when they are due
Our tax team will also analyse your tax return to see if any tax savings can be made and review the calculations to see if there are any anomalies that need to be looked into before the return is submitted.
Angela MacDonald, HMRC’s Director General for Customer Services, said:
“The deadline for completing Self Assessment tax returns may be less than 100 days away, yet many of us wait until January to start the process. Time flies once the festive period is underway, yet the “niggle” to file your return remains.”
Let us take the stress of filing your tax return away, contact our tax professionals today.