What you need to file a self assessment tax return as deadline approaches
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Returns must be submitted and paid by 31 January - or individuals can face fines from HMRC. The end of January is upon us and with it comes a deadline many must take action before: filing a self-assessment tax return. It’s not always a job looked forward to, but it is an important one and needs doing in a timely fashion to avoid penalties, with returns needing to be completed and paid by 31 January.
For those who have completed them before, HR Revenue and Customs are probably already sending emails out serving as reminders, along with tips of how to properly prepare and fill in their returns; if this year is a first, however, it can feel a bit daunting wondering what lies ahead.
The important thing is to be prepared and not leave it until the last moment; if you have all the information to hand then a self assessment doesn’t need to be too difficult, though it can be time consuming depending on your individual circumstances.
It’s important to note you cannot simply rock up and register, then immediately complete your form, if this is your first time. The deadline for new applications to complete online tax returns was in October, though it is still possible to get in touch with HMRC to discuss options to pay an expected tax bill before the 31 January deadline. Similarly, if you have completed one before but have questions for this year, calling is always an option.
