Self Assessment Tax Return

Why Self Assessment Tax Return??

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Overview of self assessment tax return

Self Assessment is a system HMRC uses to collect Income Tax from citizens.

Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return.

If yo need a Tax Return, you fill it in after the end of the tax year (5 April) it applies to.

Who should send a tax return

You must send a tax return if, in the last tax year (6 April to 5 April), you were:

  • self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on)
  • a partner in a business partnership

You will not usually need to send a return if your only income is from your wages or pension. But you may need to send one if you have any other untaxed income, such as:

  • money from renting out a property
  • tips and commission
  • income from savings, investments and dividends
  • foreign income

Important Key Dates : –

The tax year begins on the 6th April and ends on the 5th April every year. Mostly you pay your tax between November and January for the last year. For instance, you will pay tax in January 2020 for the income earned in between April 2020 and April 2021.

Have a look at some other deadlines for self-assessment in cases of specific instances only.

Other Deadlines : –

  • Registering for Self-Assessment – 5th October
  • Paper Tax Returns – 31st October
  • Online Tax Returns – 31st January
  • Payment for All Tax – 31st January
  • Optional mid-year payment On Account – 31st July

In case if you miss the deadline?

Missing out on your self-assessment deadline will result in an automatic penalty. You will be charged for each day that your tax return is late, up to a fixed amount. There are various other penalties for non-compliance, so it is best to ensure that your tax return is done before the deadline and you are able to pay the tax you owe.

Penalties

Things to consider…

  • Late submission – £100
  • Late submission continued – £10 per day up to a maximum of £900
  • Late submission 6+ months – additional penalty of 3% or £300 (whichever is greater)
  • Late submission 12 months – another £300 on top of the above listed penalties. 

 

Get TAX Return From £150.

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For any kind of Tax / Accounting related services, call us now @ 01753316725.
For more info, visit us at Self Assessment Tax Return.

Source : https://www.gov.uk/self-assessment-tax-returns

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