Christmas is over and the decorations come down. New years resolutions are made but for some, the 31st of January looms on the horizon; This is the final date each year that self-assessment forms have to be submitted to HRMC if you are doing it online.
If you are still doing paper returns then they have to be submitted by 31st October of each year.
The tax year runs from 6th April of the previous year to the 5th of April in the present year. So, for example, self-assessment tax returns for 6th April 2017 to 5th April 2018 need to be submitted by 31st October 2018 for paper returns and 31st January 2019 for online returns.
If you pay tax by PAYE and also need to submit a self-assessment you can opt to have any overdue tax, less than £2000, collected by PAYE the following year provided you submit your forms by 30th December. Allowing you to spread the payment rather than making one lump sum.
If you’re self-employed and pay your tax through payment on account 31st July is the date for your second payment.
1 day late incurs a fine of £100.
Up to 3 months late, £10 is then charged for each additional day after the first up to a maximum of £1000.
6 months late, £300 or 5% of the tax due (whichever is larger) on top of the £1000 already fined.
12 months late, an additional £300 or 5% of the tax due will be added to the above.
In some serious cases, you may be fined 100% of the tax bill due, meaning you pay double what you originally owe.
Self-assessment forms have to be filled out by the following people:
Unsure as to whether you need to fill in a self-assessment form? Call us and we can advise you: Phone: 0121 456 1000
The first thing you’ll need to do is to register online, with HRMC, for self-assessment. You will then have to wait for the 10 digit UTC to arrive in the post when you can return to complete the registration. You will also receive a UTR when you register a limited company.
If you have registered previously but missed a year, you can use the same UTR as before. Here is HRMCs advice on finding a lost UTR.
You will need your UTR, Unique Taxpayer Reference to register, then you pick from one of the following options:
Need help registering or got a question, speak to us.
Once you’ve registered and confirmed your UTC, you will be able to choose how you send your returns, by post or online.
You will also find help and guidance on filling in your self-assessment tax returns online.
And of course, you can make a payment.
We use all our experience and expertise to make sure you are compliant with HRMC and not paying any more tax than you need to. If you are convinced and would like to discuss our self-assessment tax services or if your not and have a burning question call us:
A to Z Accountants is based in Edgbaston Birmingham, but have loyal clients up and down the country. We offer our services at an affordable price and are here to give advice on all your financial needs.