It’s approaching the end of the year – have you done your taxes?
Christmas and New Year’s are just around the corner. You probably can’t wait to take a few days off work and kick back with your favourite people over the festive period. But the self-assessment tax return deadline, on the 31st of January, could ruin all of this if you don’t get your act together right now.
This year, almost 750,000 people missed the January deadline for filing their taxes. 30,000 of the 10 million people who submitted on time, submitted in the last hour. Don’t let this be you. Before you relax for the holidays, take the time to make sure everything is in order with your taxes so that you can submit it before the deadline and lift the weight off your shoulders.
The deadline is midnight 31st January 2019
If you are self-employed and earned untaxed income between 6th April 2017 and 5th April 2018, you need to submit your tax return by the January deadline. If you don’t, you’ll have to pay a penalty of £100 if it is up to three months late, or a more substantial penalty if it is later.
What you need to do
The easiest way to file your self-assessment tax return is online. There are several steps you need to take and the earlier you start these, the better:
- Make sure you have registered with HMRC as self-employed or part of a partnership.
- Make sure you have your Unique Tax Payer Reference, are enrolled for the online service, and have activated your account using the code you received in the post.
- Sign in using your account details to complete your self-assessment here.
- Fill in the online form.
Before you fill the form in, you should have prepared all the necessary information that you will need, and have it to hand. You might need:
- P60 if you earned more than £8,500
- P11D outlining expenses and benefits
- Statements from banks and building societies
- Details of pension contributions
- Information about Gift Aid donations
If you need banks, building societies, or other organisations to provide you with any information, you need to contact them as soon as possible. Then all that is left to do is to fill in the online form. This might take some time, but it’s always good to check over the information you provide to make sure there aren’t any mistakes.
If you need further help filing your self-assessment tax return, you can give Big Hand a call on 0161 327 2911. Our professional accountants can lead you in the right direction, or if needs be, we can provide you with our emergency accountancy services to make sure you get yours in on time.