The deadline to file your 2018/19 self-assessment is less than 100 days away – HMRC is urging taxpayers to complete and file before the busy period arrives.

It may seem like you have plenty of time to file, but life can get in the way and time flies before you know it. Filing even 1 minute past the 23:59 deadline on 31^st January can result in a £100 instant penalty, unless you have a reasonable excuse.

Ready to file your 2018/19 self-assessment? Contact our Personal Tax team or visit our self-assessments page for more information.

HMRC has published their annual reminder 100 days before the deadline, nudging taxpayers to try avoiding the busy period of Christmas and New Year. The government department tends to be inundated with calls around this time, and HMRC’s online system has also been known to crash over this period due to the demand of thousands of taxpayers trying to file simultaneously.

When is the deadline for 2018/19 self-assessments?

The deadline for online self-assessment tax returns is 23:59 on Friday, 31st January 2020 and the deadline for paper tax returns is 31st October 2019. Any taxpayer who is required to file a return but misses the deadline will face at least a £100 penalty – increasing the later the taxpayer waits to file.

There are also penalties for paying your tax bill late – first payments on account are due on 31st January 2020.

Who is required to file a self-assessment?

Not sure you need to file a self-assessment? The criteria is fairly straightforward – you must file a self-assessment if any of the following applied to you in the 2018/19 tax year:

• You are the director or shareholder of a limited company or LLP
• You are self-employed
• You are a higher rate tax payer
• You receive rental income from a property in the UK
• You receive foreign income
• You receive any form of untaxed income, capital gains or losses
• You receive untaxed income in addition to your regular job
• You have your own pension fund or certain savings/investments
• Your income is over £50,000 and you or your partner receive child benefit

More information on self-assessment tax returns can be found in HMRC’s guidance.

How do I file my self-assessment?

You can either file your return yourself using software or you can enlist an accountant to do so on your behalf.

An accountant will simply require documentation which shows all of your earnings over the tax year (6 April to 5 April), calculating the tax you are due to pay or are otherwise owed as a refund.

It seems simple, why would I need an accountant?

If you’re inexperienced with using tax software or are unfamiliar with HMRC’s forms, you could make an error in your return which could result in penalties. An accountant who’s completed over 20,000 self-assessments however will ensure that your return is completed accurately.

An accountant can even take care of your tax return for you during the busy Christmas and New Year period, giving you peace of mind and more time to enjoy the festive season.

Lastly, using an accountant to complete and file your self-assessment earlier means you can receive personalised tax advice to help you legally reduce your tax bill and plan your cash flow in the future.

Contact Churchill Knight to get started on your 2018/19 self-assessment. Until 31^st October you can save £50 off the regular service fee, which includes full completion and submission to HMRC, full support throughout the process and personalised advice. Call 01707 671648 for more information or visit our website.