Self-Assessment tax returns need to be submitted by individuals and businesses. Normally if a person is employed the tax is deducted automatically from wages. For businesses, they need to register with HMRC and then they can file their tax return online.
The last tax year run from 6 April 2017 until 5 April 2018. The deadlines for submitting information to HMRC are shown below:
Register for self-assessment – 5 October 2018
Paper Tax Returns – Midnight 31 October 2018
Online Tax Returns – Midnight 31 January 2019
Pay the tax you owe – Midnight 31 January 2019
If you do make a late payment, then you will have to pay the penalty. If your tax return is up to 3 months, you will get a penalty of £300 and be charged interest on late payments. If your tax return is more than three months late, then the penalty is much higher. You can estimate your penalty for late payment by using the HMRC penalty calculator. However, if you have missed or think you may miss a deadline, then you can contact us for advice.
It is essential that when you make the payment on 31 January 2019 that you give enough time for the payment to be processed. If you use the following payment methods, you can be assured of same day or next day payment:
The following methods will take longer, so you need to make sure that you make the payment well in advance: Bacs, Direct Debit and Cheque through the post.
We always make sure that all our clients are notified well in advance about their tax liability. We send them an email with the amount to pay in January and the reference number. This is important to ensure that the payment goes through correctly.
If you would like any advice about your self-assessment tax return, please do get in touch by calling 01623 490 120 or email This email address is being protected from spambots. You need JavaScript enabled to view it..
Haidee is our Personal Tax Director and is a fully qualified tax adviser, having achieved the ATT qualification in 2006. Tax efficiency being her main concern. Specialising in taxation, Haidee provides clients with advice on personal tax, PAYE services, VAT and social security. She also provides guidance to new start-up businesses.
Call us today on01623 490120
or email info@watsonk.co.uk
When you first start a business, your focus is usually on attracting customers, generating sales and building a successful company. Few business owners spend much time thinking about how or when they will eventually leave the business.
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