HM Revenue and Customs (HMRC) has warned UK taxpayers eligible for 2018-19 self-assessment that they have less than 100 days to go ....
Meanwhile the deadline is only one week away for paper-based self-assessment tax returns for the 2018-19 tax year. Anyone that misses the 31st October 2019 deadline for paper returns will have to submit their return online by 31st January 2020 or risk £100 late-filing penalties.
Those filing self-assessment tax returns for the first time must register with HMRC to receive their secure logins. The registration process can take several days, as HMRC will send secure login details via post, therefore registration is recommended at the earliest available opportunity.
Self-assessment tax returns are primarily required for self-employed sole traders that earned more than £1,000, as well as individuals involved in a business partnership.
Nevertheless, those who generate an income from renting out residential or commercial property, savings, investments, commission or foreign income will also be required to register for self-assessment.
Individuals liable for the High Income Child Benefit Charge (HICBC) may also need to submit a self-assessment tax return prior to 31st January 2020. Those earning more than £50,000 who claim child benefit – or if their partner claims it – are liable for HICBC.
Angela MacDonald, director general for customer services, HMRC, said: “The deadline for completing self-assessment tax returns is only 100 days away, yet, so many of us wait until January to start the process.
“Avoid the last-minute rush by completing your tax returns on time and then enjoy the upcoming festive period.
“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.”
The unfortunate reality is that HMRC is not tasked with advising individuals on the organisation of their tax affairs. If you want to make sure you pay the correct amount of tax for the 2018-19 tax year, we can give you complete peace of mind.
As part of our fixed-price self-assessment tax return service we utilise HMRC-approved software to finalise your tax return, calculate your tax liability, submit the return ahead of the deadline and keep in contact with you on the tax owed and when it is due.
For a free initial consultation on your 2018-19 self-assessment obligations well ahead of the 31st January 2020 deadline, call our friendly and experienced team today on 01772 395 720.
Alternatively, you can drop us a line using our online enquiry form and we’ll be in touch to outline how we can take away the worry of self-assessment.