Self-assessment tax return reminder

(2 minutes to read)

Taxpayers are being reminded that they now have less than a month left to complete their self-assessment and pay for the tax year 2017 to 2018.

With the self-assessment deadline date fast approaching, there are still around 5,542,000 taxpayers who need to complete their tax returns before the 31 January 2019 deadline.

As of 31st December 2018, about 52% of taxpayers have already filed their returns, with more than five million having completed them online (88% of the total returns filed).

Financial Secretary to the Treasury, Mel Stride, said, “It is encouraging that around 52% of taxpayers have already completed their Self Assessment tax returns. With less than one month to go before the deadline, there are still many people that need to act now.

“HMRC is encouraging all Self Assessment filers to complete their returns by 31 January and is offering support every step of the way.”

Angela MacDonald, HMRC’s Director General for Customer Services, added, “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 completing Self Assessment for the first time or are yet to start your 2017 to 2018 tax return, there is a wide range of support and guidance available on GOV.UK to help at every stage of the tax return process.”

Still thinking about if you should join Dolan Accountancy?

Give us a call on 01442 795100 or email jaime.thorpe@dolanaccountancy.com

Email Jaime

People need to complete a tax return if they:

  • Earned more than £2,500 from renting out property
  • 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
  • Are self-employed sole traders
  • Are employees claiming expenses in excess of £2,500
  • Have an annual income over £100,000
  • Earned income from abroad that they need to pay tax on

The penalties for late tax returns:

  • An initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time
  • After 3 months, additional daily penalties of £10 per day, up to a maximum of £900
  • After 6 months, a further penalty of 5% of the tax due or £300, whichever is greater
  • After 12 months, another 5% or £300 charge, whichever is greater

To find out more about contracting please contact Sophie on 01442 795 100 or email sophie.lewis@dolanaccountancy.com

Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, ContractorUmbrella, it means we can offer one low cost, fixed fee package at £95 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of ContractorUmbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, ContractorUmbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

dav1