Last year, almost 750,000 people in the UK filed their self-assessment tax return late.
So, with the January 31st 2020 deadline just around the corner and the risk of penalisation looming for any late filers, have you submitted yours yet?
What happens if I do not submit my tax return by the deadline?
Failure to submit your 2019 tax return will incur an automatic fine of £100, applicable for any late returns within 3 months. After this, daily penalties of £10 can be levied for up to 90 days. This would amount to up to £1000, plus any surcharges for late payment of the tax liability, which can be significant. After this, penalties continue to rise.
What do I need to submit my tax returns?
Most company directors, sole traders, high earners, landlords, investors and overseas taxpayers must submit a tax return. Additionally, those disposing of assets may be liable to tax if there has been a gain
Whether you choose to submit your own tax return or appoint an accredited professional, you will need:
- Your 10-digit Unique Taxpayer Reference (UTR)
- National Insurance number
- Details of your untaxed income from the tax year (for example income from self-employment, dividends and interest on shares)
- Records of any expenses relating to self-employment
- Contributions to charity or pensions which might be eligible for tax relief
- P60 or other records showing how much income you received which you’ve already paid tax on
- Details of any gains on asset disposals
Be aware – HMRC has issued an official warning reminding people to be extra vigilant in the run up to the deadline as this is a prime time for fraudsters and scammers to target their victims, posing as HMRC or other bodies. To know what to look out for when it comes to fraudsters, click here.
How can I get help with my tax return?
The Government’s website provides introductory guidance on submitting a self-assessment tax return for those who wish to submit it themselves. For those who require help submitting, HMRC advise you to appoint an accredited accountant who can navigate any complexities and ensure accuracy, providing you with complete peace of mind.
How we can help
Here at Smith Cooper, we have a large personal tax team who have the capacity to assist ahead of the January deadline. We take the time to understand our clients and their families, combining expertise, experience and market knowledge, implementing strategies which ensure our clients financial affairs are suitably cared for.
If you are yet to submit a tax return or would like any advice on any aspect of Self-Assessment, please get in touch today. We guarantee that your tax return will be submitted accurately and on time if you send us all necessary information by 24th January 2020. If we don’t receive all the documentation by this date, we will still strive to submit an estimate on your behalf to avoid any penalties.