You must submit a tax return if, in the last tax year (6 April 2018 to 5 April 2019), you were self employed and earned over £1000 or you were a partner in a business partnership.
If your only income is from your wages or pension, you will not usually need to send a return. However if you may have to send a return if you have any other untaxed income, such as:
- money from renting out a property
- tips and commission
- income from savings, investments or dividends
- foreign income
You can check if you need to submit a tax return via the government website.
The deadline for submitting your 2018/19 tax return is 31 January 2020.
The only exception to this deadline is if you received a notice from HRMC to make an online tax return after 31 October 2019. In this case, you have three months from the date of issue to submit your return.
Those who are late in submitting their return face a penalty of £100, even if there is no tax to pay. Continued late payments and late filing will result in further penalties.
If you have not submitted your self assessment 3 months after the deadline, further penalties will be applied. You will also have to pay interest on your tax bill for late payment.
In 2019, 735,258 taxpayers filed their returns on 31 January and 731,186 taxpayers missed the deadline completely.
If your self assessment has already been submitted but you still haven’t paid, you can pay via the government website.
Quote from Nigel Holland:
“Make sure you file your return before the deadline to avoid receiving a penalty. Contact us and we can help you get your return submitted.”