Who needs to complete the self-assessment?
You will need to complete self-assessment if:
- Your self-employment income is more than £1,000
- You’ve received more than £2,500 from untaxed income such as commission or tips
- Yours (or your partners) income was over £50,000 and one you claimed for child benefits
- Your taxable income was over £100,000
- You had an income from abroad that tax needs to be paid on
For the full list of individuals who need to file the self-assessment click here.
When must it be complete?
|Self-assessment registration deadline||5 October 2018|
|Paper tax returns||Midnight 31 October 2018|
|Online tax returns||Midnight 31 January 2019|
|Pay the tax you owe||Midnight 31 January 2019|
What information is needed?
You will need to obtain bank statements to work out your income and expenditure. Other amounts you may need to work out are:
- Your Self-employment income this is calculated by
Invoices – business expenses = self-employment income
- Your second or untaxed income, if you have a second job you will need to ask your employer for a P60
- Income from dividends; provide references to all the dividend reference numbers
- Your untaxed overseas income; you will need to provide information on how much you are earning. HMRC are cracking down on tax avoidance of overseas income – read more here
Above we have listed only some of the income information you need to provide HMRC. It is important you contact your bank and other organisations immediately so they can provide you with the information you require before the deadline.
Overwhelmed? Take a deep breath, and pick up the phone; give us a call on 01295 477 250 if you require help filing your self-assessment deadline.
What are the penalties for late submission?
|Miss filing deadline||£100|
|30 days late||5% of tax due|
|3 months late||Daily penalty £10 per day for up to 90 days (max £900)|
|6 months late||5% of tax due or £300, whichever is greater|
|12 months late||5% or £300 whichever is greater.
If you are seen to be deliberately withholding information, you may have to pay 100% of the tax due.
|12 months & taxpayer deliberately withholds information||Based on behaviour:
Reductions apply for prompted and unprompted disclosures.