Tax Return Deadline

Tax return form 2015If you work for yourself, or you’re a freelancer, or you work for a company but don’t get paid at source then you may well have highlighted 31st January in your calendar.

Midnight on that date marks the deadline for doing your online self-assessment tax return and paying the full amount owed (if any) to HM Revenue and Customs (HMRC)

Even if you don’t actually owe any tax, there’s an automatic £100 fine if you miss the January 31 deadline, so it’s really important to make sure you get your tax return in before the last possible moment.

If you’ve already registered for self-assessment, then it should just be a case of totting up your sums (or getting your accountant to do it) and submitting your return. If you haven’t, then it’s important to get that out of the way first as soon as possible.

The main thing you’ll need to do is to complete and notify HMRC of profit gained from not only employment but also any land or property you own, plus capital gains, foreign income and individual partnership.

If you’ve kept good records of what’s been going in and what’s gone out during the past year, it should be easier to collate it all and work out your numbers (and your expenses). It can be a tough task to assemble all your invoices, receipts and so on with just days left before the deadline.

If you are doing your own tax return online, rather than asking an accountant, then you don’t have to get it right first time you log in – you can save your tax return at any time while you’re filling in the figures and do it later.

More useful information on completing self-assessment tax returns can be found here:
https://www.gov.uk/self-assessment-tax-returns
https://www.moneyadviceservice.org.uk/en/articles/tax-and-national-insurance-when-youre-self-employed
http://www.which.co.uk/money/tax/guides/tax-returns/online-tax-returns/ 

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