Beware the impending deadline of self-assessment tax returns

The deadline for submitting your self-assessment tax returns is the 31 January. There are many different groups of people that are obligated to do so, these could be self-employed people who earned more than £1,000 last tax year, those that pay capital gains tax and trustees.

HMRC are expecting to receive around 11.5 million self-assessment tax returns in total this year. Just under half – 5.5 million – are yet to submit theirs, which is vital in order to avoid at least £100 in fines.

As of 31 December, around 52 per cent of taxpayers that were required to had filed their tax returns, five million of which were done online.

Financial Secretary to the Treasury, Mel Stride, has said that the turnout is “encouraging,” but has warned that those who are yet to submit their returns should “act now.”

Stride went on to say that HMRC is “offering support every step of the way,” to anybody that may be unaware of how to fill their tax returns in.

HMRC can fine individuals up to £1,600 if they take too long completing their self-assessments. It is important to note that those paying outstanding taxes while filing their returns cannot do so using credit cards.

As an added reminder, the 31 January is also the deadline for paying any tax owed from the previous 2016 to 2017 tax year, so it would be wise to ensure that is done as well.

Those unsure as to whether they need to file a self-assessment tax return or need help doing so, we’re here to help. Please contact MD Consulting.

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