01 January, 2018 in Industry News

Self Assessment - Online Tax Return Deadline 31 January 2018

The deadline for submitting your online Self Assessment tax return is approaching. HMRC must receive your online tax return and any money you owe by midnight on 31 January 2018.

Self Assessment is the system HMRC uses to collect income tax. Full details of the system is available via the HMRC website. Tax is usually deducted automatically from wages, pensions and savings.  However, individuals and businesses with other income must report it in a tax return.

If you need to submit a Self Assessment, you fill it in after the end of the tax year (April 5) that it applies to.

The deadline for paper forms has passed, however the deadline for online submissions is midnight 31 January 2018.

If you haven't submitted an online tax return before, you will need to register first. You are advised to allow extra time for the registration process (up to 20 working days).  Full details are available via HMRC.

If you miss the deadline for submitting your Self Assessment or paying the bill, you'll receive a penalty.  There is a £100 penalty if your Self Assessment tax return is up to 3 months late.  You'll have to pay more if it's later, or if you pay your tax bill late.

If you need help with Self Assessment, our team can help.

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Whilst every effort has been made by CavanaghKelly to ensure the accuracy of the information here, it cannot be guaranteed and neither CavanaghKelly nor any related entity shall have liability to any person who relies on the information herein. Information given here is for guidance only. Detailed professional advice should be taken before acting on any information contained herein. If having read the guidance here, you would like to discuss further; a member of our team would be pleased to help you.