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Self Assessment Deadline is Coming!

If you are self employed you will have to submit a self assessment tax return in order to tell HMRC how much you've earned (profit) and to calculate how much tax you owe for the tax year.


The tax year runs from 6th April to 5th April the following year and the deadline to submit your return online is the 31st of January the next year! I.e. for the tax year 2018/19 (6th April 2018 to 5th April 2019) the deadline to submit and pay any tax due will be the 31st January 2020.


You can choose to complete your tax return yourself using your government gateway ID and password if you're confident enough. But using a qualified, professional accountant will ensure you claim for the correct expenses and tax relief. As an aside, always check reviews and credentials of accountants...if your, "accountant" works from a dark corner of a pub and completes tax returns for a pint of lager and a bag of scratchings.....you can probably guess they aren't trading legally and will be nowhere to found when HMRC open an investigation (I've seen it happen a few times, beware!)


Anyway, I'm getting off topic! If, despite all the warnings, you miss the deadline...you will be slapped with a £100 late filing penalty. If you have a genuine reason for missing the deadline, a good accountant can usually get the penalty waived. But only in extenuating circumstances such as being in hospital, prison etc or any situation whereby you're physically unable to complete a tax return.


Ebay sellers, car booters etc beware.....your earnings will be classed as taxable income and you should declare any profits. Unless your profits are less than £1000 in which case there will be no need to register as self employed as you are covered by the trading allowance (which I will go into detail about another time.) If you have still received a letter requesting a tax return be completed, even if your profits are below the £1000 threshold, you must still complete a tax return in order to tell HMRC that you don't need to complete a tax return!!


If none of this makes sense, and you need to submit a tax return....get in touch (preferably before 31st Jan!)




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