With the end of October upon us now all UK taxpayers eligible for 2018-19 self-assessment have only 3 months to complete and submit their self-assessment to HM Revenue and Customs (HMRC).
The deadline for paper-based self-assessment tax returns for the 2018-19 tax year passes today, 31st October. Anyone that intended to file their return this way and 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.
Anyone 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. 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. Additionally, anyone who generate an income from renting out residential or commercial property, savings, investments, commission or foreign income are also required to register for self-assessment. Anyone earning more than £50,000 who claim child benefit, or if their partner claims it, are liable for High Income Child Benefit Charge (HICBC) may also need to submit a self-assessment tax return prior to 31st January 2020.
We recommend that with only three months to the deadline, and the festive period almost upon us, if you’ve not already started the process, to start it now. This enables you to have time to collate all the information you need, an ability to liaise with your accountant and hopefully will help avoid that stressful, late rush to file at the end of January.
Our self-assessment tax return services can either be provided as a stand alone service or integrated into a wider scope of accountancy services for your business. We utilise HMRC-approved software to calculate your tax liability, finalise your tax return, submit the return ahead of the deadline and confirm to you the tax owed and when payment is due. More details of our Self Assessment and wider Taxation services.
For a free initial consultation on your 2018-19 self-assessment obligations ahead of the 31st January 2020 deadline, call our friendly and experienced team today on 0121 753 5522
Alternatively, you can drop us a line using our online enquiry form and we’ll be in touch to outline how we can help take away the worry of self-assessment.