HMRC has published a news release to remind you that you have less than 100 days to file your 2018-19 tax return. Last year over 11.5 million taxpayers were required to complete a Self Assessment tax return but over 700,000 people missed the deadline.
The deadline for submitting your 2018-19 Self-Assessment tax returns online is 31 January 2020. Please also be aware that payment of any tax due should also be made by this date. This includes both the payment of any balance of Self Assessment liability for the 2018-19, plus any payment on account due for the current 2019-20 tax year.
If you are filing online for the first time, you should ensure you register to use HMRC’s Self-Assessment online service as soon as possible. Once registered it can take up to seven working days for an activation code to be sent by post. All Self Assessment returns should now be made online as the deadline for submitting paper returns expired on 31 October 2019.
There are penalties for late Self-Assessment returns including an automatic £100 penalty for submitting a late return even if there was no tax to pay or the tax due was paid on time. You’ll have to pay even more if it’s later, or if you pay your tax bill late. You’ll also be charged interest on late payments.
HMRC is encouraging taxpayers to complete their tax return as early as possible to avoid working during the upcoming holiday period or getting more stressed as the filing date looms. HMRC’s tax return software often crashes close to the deadline, not to mention the fact that this is a very busy period for accountants and prices can often increase. Last year over 2,000 people submitted their tax returns on Christmas Day.
If you are struggling to deal with the filing of your Self-Assessment tax return then we can help! Please call us to discuss your options.