HM Revenue & Customs (HMRC) has warned more than 5.5 million taxpayers still need to submit their paperwork for the tax year 2017 to 2018. And those self-employed workers who need to submit their returns themselves, there is just a few weeks left before the deadline. If you miss the deadline, you could be slammed with fines of up to £1,000.
Mel Stride, Financial Secretary to the Treasury, said: “It is encouraging that around 52 percent of taxpayers have already completed their self assessment tax returns.
“With less than one month to go before the deadline, there are still many people that need to act now.”
So if that is you, when do you need to get your finances in order by?
The 2017 to 2018 self assessment deadline is Thursday, January 31.
Failure to comply with the cut-off could land people with an initial £100 bill.
But this surges to £900 after three months with extra daily penalties of £10.
Anyone who did not send a tax return last year may need to register again, even if they have filed one in previous years.
Allow time to do this as it can take a while – just visit the Gov.UK website and fill out the identification form to get your unique code sent to you.
The code takes up to 10 days to arrive for people resident in the UK so act as soon as possible.
Once it arrives, you will need to collate all the relevant documentation including statements and receipts.
You will also need to get hold of your 10-digit Unique Taxpayer Reference (UTR) number, which is stated on documents sent to you by HMRC.
If you cannot find yours, call the self assessment helpline seven days a week on 0300 200 3310.
HMRC stresses support is available for people who may be confused by the process but want to avoid paying fees.
Do I need to fill out a tax form?
Large numbers of people automatically get their tax deducted from their payslips.
While lots of people traditionally think it is the self-employed who need to fill out tax returns, there are other people who need to do the same.
They include people who:
– earned more than £2,500 from renting out property
– or their partner received Child Benefit and either of them had an annual income of more than £50,000
– received more than £2,500 in other untaxed income, for example from tips or commission
– are self-employed sole traders
– are employees claiming expenses in excess of £2,500
– have an annual income over £100,000
earned income from abroad that they need to pay tax on
Financial income earned between the tax year from April 6, 2017 to April 5, 2017 must be supplied.
Source : EXPRESS