Although taxpayers can complete their 2017-18 self-assessment tax return from as early as 6 April 2017, many choose to wait until after Christmas to complete it.
Completing your tax return sooner rather than later means you can find out how much tax you need to pay and pay the money owed by the deadline, thereby reducing the stress over the holiday period.
If you submit your tax return online by 30 December, HMRC may be able to collect any tax you owe via your pension or wage in the following tax year, providing certain conditions are met. These are:
- The tax owed is lower than £3,000
- You pay tax via PAYE
The online submission date for the 2017/18 tax return is normally 31st January 2019. However, the online return can be filed within three months of the date of issue of the return or notice if this is later than 31 January 2019.
An initial penalty of £100 will apply if the return is filed late, even if there is no tax outstanding. Additional daily penalties of £10 per day may be levied where the tax return is more than 3 months late for up to a maximum of 90 days. Further penalties will continue to accrue the longer the return is outstanding, and interest will also apply if you pay your tax bill late too.
If you need assistance with filing your tax return, please do not hesitate to contact us.