Don’t Miss The January 31st Deadline For Tax Payments

Don’t Miss The January 31st Deadline For Tax Payments

Complete Your Tax Return by the End of January to Avoid £100 Fine

The deadline for completing a self-assessment tax return is fast approaching. Make sure you know what to do to avoid problems in the coming year. For many people, income tax is automatically calculated and deducted from their monthly salary, using information provided by their employer. But others, for example those who are self-employed or have other revenue streams, need to report their income by way of a self-assessment. HMRC uses this information to calculate how much income tax those individuals need to pay. The team at Linda Carr Accountants in Peterborough have helped hundreds of local individuals and businesses submit their tax returns on time over the years, so get in touch today, as penalties of at least £100 are levied for late submissions. Who has to send a tax return? Anyone who receives a letter or email from HMRC telling them to submit a tax return must do so – even if they do not think they have any tax to pay. In addition, you must file a return before the deadline if any of the following applies to you over the period of 06 April 2015 to 05 April 2016:
  • You were self employed
  • You were a company director
  • Your income was more than £100,000
  • You had saving / investment income of £10,000 or more
  • You had untaxed income of £2,500 or more (eg through property rental)
  • You had income from overseas
  • You lived overseas and had a UK income
The above list is not exhaustive, and there are other circumstances in which you might need to complete a tax return – for example if you were the trustee of a registered pension scheme or you are a religious minister. How to complete a return The first step is to register with HMRC. This is a simple process that can be completed online by creating a Government Gateway account. Once registered, the most straightforward way of completing your return is by using the government's free self-assessment online service. Alternatively, you can fill in Form SA100 and submit it directly to HMRC. If you need to make a change to your tax return after you have submitted it, this can also be done using the online system by simply logging in and making the necessary changes. This can be done any time in the 12 months after the initial deadline. Paper returns can also be updated by filling out the forms again and resubmitting them. Getting help HMRC has a range of online resources to answer a range of common queries. However, for detailed advice on your own specific circumstances, it makes sense to speak to an independent local accountant. They can also provide the best advice and assistance to make sure your tax return is completed correctly and on time. That way, you can be sure that HMRC has all the information they need to accurately calculate the tax you need to pay. They will also be able to assist in a variety of specialist or unusual circumstances, for example where you have had problems with returns in previous years, or if you are dealing with the tax affairs of somebody who has died. But, most importantly, remember to submit before the deadline has passed. Go here now to find out how to pay: Pay your Self Assessment tax bill.