HM Revenue and Customs (HMRC) have issued a reminder that taxpayers have less than a month left to complete and submit their Self-Assessment tax returns.
Ahead of the deadline on 31 January, there are still over 5.5 million returns left to submit and HMRC are urging the remainder of the approximate 11.5 million returns expected this year, to submit their forms and pay any tax owed by the end of this month to avoid penalties.
Those who fail to submit a return before the deadline could face an initial £100 fixed penalty as well as further penalties dependant on the length of delay.
As of the end of 2018, approximately 52 per cent of people had already filed their returns with more than 5 million (88 per cent) of those having completed them online.
Taxpayers are required to complete a tax return if they meet any of the following conditions:
– You earned more than £2,500 from renting out property
– You received more than £2,500 in untaxed income, e.g. tips or commission
– You are self-employed sole traders
– Are an employee claiming expenses in excess of £2,500
– You have an annual income of over £100,000
– You earned income abroad which you need to pay tax on
– Either you or your partner received Child Benefit and one of you had an annual income of more than £50,000.
HMRC are also reminding anyone who completed a self-assessment tax return last year, but didn’t have to pay any tax, that they are still required to complete a 2017/18 tax return unless they have been written to by HMRC to say it is not required.
Angela MacDonald, HMRC’s Director General for Customer Services, said: The Self-Assessment deadline on 31 January is fast approaching but there is still time for customers to file their tax returns online and on time to avoid any unnecessary penalties.”
If you are unsure about any aspect of your self-assessment tax return, it is important that you seek specialist advice at the earliest opportunity to give you enough time to meet the HMRC deadline. Contact us today to see how we can help you.