Self-Assessment Tax Return FAQs

self-assessment

With the 31st of January fast approaching so does the deadline to submit your 2018/19 Self-Assessment tax return. If this is your first tax return it can seem like an intimidating task, and at times the guides provided by HMRC can be confusing and full of tax jargon that can be hard to sift through, so here are several things you’ll need to know in order to be ready to submit your tax return on time.

Do I Need To Submit A Tax Return?

You will be required to submit a self-assessment tax return if you are:

  • self-employed as a ‘sole trader’ and earned more than £1,000
  • a partner in a business partnership

If you are an employee and your income is only via wages or a pension, you will not usually be required to submit a tax return. However, you may need to send one if you are in receipt of any other untaxed income, such as:

  • tips and commission
  • money from renting out a property
  • foreign income
  • income from savings, investments and dividends

When Are The Deadlines To Submit A Self-Assessment Tax Return?

There are two deadlines when your tax return needs to reach HMRC by, these are dependant on the way you submit your return:

  • 31 October – If you are filing a paper tax return through the post
  • 31 January – If you are filing your tax return online

What If I Miss The Deadline?

If HMRC does not receive your tax return by the deadlines noted above you will automatically incur a £100 penalty.

If HMRC still does not receive your tax return within 3 months of the deadline, you will then begin to incur further penalties of £10 a day for every day that the return is late, up to £900 or 90 days.

If you have a legitmate reason for missing the Self-Assessment deadline you may wish to appeal a penalty, if so check out our guide here

How Do I Register For Self-Assessment Tax?

If you’ve never submitted a tax return before, you will first need to register at the HMRC website and get a UTR (Unique Taxpayer Reference) number.

Please see our guide to registering here

What If I Made A Mistake On My Tax Return?

If you have made an error on your tax return, you may still be able to make an amendment even after it has been submitted to HMRC. You have until the next years deadline to make these changes, for example for tax year 2018/19 you will have until the 31st January 2021 to ammend your tax return.

Once your ammendments have been made your bill will be updated and you may be owed tax or need to pay more.

Using our Self-Assessment service can help to avoid making any mistakes, our software uses the information you provide to go through each section and notify us if it finds any possible errors.

If you would like to take advantage of our tax returns service or for a free no obligation consultation please get in touch with us here

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