Don’t forget to file your self-assessment tax return
Have you filed your self-assessment tax return yet? If you are required to submit your tax return by the 31st January 2020 for tax year 2018/19, then time is running out!
Who needs to do a self-assessment tax return?
Are you confused about whether you should be filing one or not? You need to submit a return if you meet the following criteria:
- you’re self-employed, a business partner, or director of a limited company
- you’re an employee or pensioner with an annual income of £100,000 or more
- you have a pre-tax investment income of £10,000 or more
- you’re a minister of religion
- you were a trustee of a trust or a registered pension scheme
- your income (or your partners) was over £50,000, and one of you claimed Child Benefit
- you have income from abroad that you need to pay tax on
- you received a P800 form from HMRC saying you didn’t pay enough tax last year – and you didn’t pay what you owe through your tax code or with a voluntary payment
- you’re a trustee or representative of someone who has died.
You can also check if you need to submit a tax return on the gov.uk website.
If you fail to submit your self-assessment tax return and pay your bill before the 31st January, you’ll receive a penalty of £100. If you pay your tax bill late or your submission is more than 3 months late, you may have to pay a more significant sum. You’ll also be charged interest on late payments.
Not all businesses will be required to complete a tax return in January. If you submit your company accounts at a different time of year, often at the end of the financial year in April, then now is the time to start getting your affairs in order. Don’t get caught up in the March rush, not only will you run the risk of not having your accounts ready in time, but you also will be too late to make the most of any tax allowances you have available. Download our guide on tax planning for more information.
How we can help
If you have found this year to be a last-minute rush to get your return in before the end of January, then make a resolution for next year to be different. MRA can help you take control of your accounts and ensure you are prepared for the next tax year.
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