- Posted 15th November 2016
Are you Aware about Self-Assessment Tax Return Deadline?
Not everyone has to submit a self-assessment tax return. If you are:
• Your or your partner’s income was more than £50,000 or one of you claimed child benefit
• Have foreign income where you need to pay tax on
• Have lived abroad and had a UK income
• Made profits from selling shares, a second home or other chargeable assets and need to pay Capital Gains Tax
• A company director (unless it’s non-profit organisation) and didn’t get any other benefits such as a company car
• Have dividends from shares and are a higher or additional rate taxpayer
• A trustee of a trust or registered pension scheme
If you come under the above category, you will receive a self-assessment tax return. When you receive such return, it is your job to complete it and send it to the HM Revenue & Customs (HMRC).
The deadline for the paper tax returns is 31 October. If you have missed it due to some reason, you can still send an online tax return. The online tax return should be send to HMRC by midnight on 31 January 2017.
However, if you don’t think you should submit this return to HMRC, you must inform them the reason behind it. This might take time so, make sure you do it quickly before hit the 31 January 2017 deadline.
Before you file and complete your online return, you must collect all your paper-works like your income and expenses details. You must complete your tax returns accurately to ensure you do not get incurred with penalties. In case if you missed this deadline as well even by just one day, you will be subjected to a fine of £100 per day for each day the tax is due. This can extend to a maximum of 90 days with a maximum fine of £900 and interest on the outstanding tax as well.
If you send your return six months late, you will be subjected to a fine of £300 or 5 per cent of the tax due, whichever is higher. Likewise, another £300 or 5 per cent fine of the tax due will be added to the final bill for twelve months late.
As deadlines for self-assessment tax returns are not that far away, make time for to complete and submit your tax returns to avoid any mistakes that could lead to penalties. If you find it hard to complete your tax returns, do not panic and get in touch with an expert tax accountant.