Posted on 13 January 2014
The deadline for filing your self-assessment tax return is approaching. By midnight on 31st January, you need to have filled in your form and returned it to HM Revenue & Customers along with a payment for any tax you owe for the 2012/13 financial year.
If you are required to file a tax return and do not do so by 31st January, you will automatically be hit with a £100 penalty with additional penalties being added if you leave it for several months which could amount to a huge £1,600 or up to 100% of the liability shown on the return!
Remember – this year for the first time, there will be tax to pay if your family received child benefit between 7th January and 5th April 2013 and someone in your household was earning more than £50,000 a year.
As the deadline for paper tax returns has passed, you can only do so online now. To do this, you must be registered for HMRC online services which includes getting an activation code by post which will take a few days to arrive. HMRC have advised that providing you have registered by 21st January 2014, you will be able to meet the deadline for filing 10 days later.
If you need any help filing your tax return or have any other tax related queries, please get in touch here.