Self-assessment: Less than a month to go

5.4 million taxpayers have less than a month to complete their self-assessment tax returns before the 31st January deadline.

Around 54% of taxpayers have already filed their returns with more than 5.6 million of those completed online (89% of the total returns filed).

Angela MacDonald, HMRC’s Director General for Customer Services, said, “The self-assessment deadline on 31st January is fast approaching so customers have just under a month left to file their tax returns online to avoid any unnecessary penalties. Any tax due is also payable by 31st January.

“We know that can be a worry, and not only when large sums are involved, so I would urge anyone who is expecting to find it difficult to pay their tax to get in touch with us as soon as possible. We will do everything we can to help and provide practical support.”

MacDonald added, “If you are completing self-assessment for the first time or are yet to start your 2018/19 tax return, there is a wide range of support and guidance available on GOV.UK to help at every stage of the process.”

People need to complete a tax return if they:

• or their partner received Child Benefit and either of them had an annual income of more than £50,000
• received more than £2,500 in other untaxed income, for example: From tips or commission, money from renting out a property, income from savings, investments & dividends, or from foreign income
• are self-employed sole traders and earned more than a £1,000
• are a partner in a business partnership
• are employees claiming expenses in excess of £2,500
• have an annual income over £100,000

If you completed a self-assessment tax return last year but didn’t have any tax to pay, you still need to complete a 2018/19 tax return unless HMRC has written to you to say it is not required.

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com