With less than 2 months to the Self-Assessment tax return deadline of 31st January 2020. HMRC have been urging individuals to complete their tax returns earlier to avoid the last minute mad panic.
Who needs to complete a Personal Tax Return?
Not all taxpayers need to complete a Personal Tax Return. This is because in the majority of cases Tax is automatically taken from individuals through the normal course of their employment (PAYE).
For people or businesses where the Tax is not automatically taken or if an individual has earned additional non taxed income they are required to complete a Self-Assessment Tax Return each year.
HMRC are also reminding people who are liable for the High Income Benefit Charge that they may need to file a tax return before the deadline. Those with income over £50,000 who receive child benefit or those whose partner gets it, are liable for the charge.
HMRC have a child benefit tax calculator to assist you with this.
See our blog with further information about who needs to file a tax return.
Completing your Personal Tax Return
HMRC have stated that last year over 2,000 people submitted their Tax Returns on Christmas Day! They also stated that most don’t start the process until January. As a result this can lead to problems if the information needed takes time to gather.
If you complete your own Tax Return start collating the information. Alternatively if you use an accountant get the information to them as soon as possible. Then you can enjoy the Christmas period without the Stress of the Tax Return looming over your head.
Deadlines and Penalties
The deadline to file paper returns has already passed on 31st October 2019. The deadline to file Tax Returns online is 31st January 2020, this is also the date which if tax is owed must be paid.
If the Tax Return is filed Late there is an automatic £100 penalty (minimum). If tax is due this will also start to accrue interest. Don’t Delay get your Tax Return done today.
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