Get Ready For Self Assessment Tax Returns
Don't forget to submit your HMRC Self Assessment Tax Return by 31st Jan!
What needs to be done?
Those who are eligible need to submit their tax return online and pay any outstanding tax they owe to HMRC before the deadline.
Who needs to complete a tax return?
Taxpayers are required to complete a tax return if they meet any of the following conditions:
You earned over £2,500 from renting out property
You received over £2,500 in untaxed income e.g. commission
You are self-employed sole traders
You 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 over £50,000
What if I miss the deadline?
People who fail to submit their return online are liable for an initial penalty of £100 plus further fines dependant on the delay.
If you are unsure about your tax return contact us today!