Ahead of the online self-assessment deadline, 31st January 2020, HW Fisher share their advice to make sure you file on time and correctly.
Jamie Morrison, head of private client at HW Fisher explains: “More and more people are filing their tax returns online, especially given the government’s digital plans. The deadline is a Friday this year, so it is worth finding all the relevant paperwork the weekend before, to avoid dealing with any last-minute curveballs”.
Confused about whether you need to file?
Self-employment continues to rise. However, it’s not just the self-employed who have to complete their self-assessment tax returns, so it is worth double checking if you’re unsure.
You must submit a tax return if you have self-employed earnings or have received untaxed income over £1,000. You will also have to file if you have generated income from renting out a property, including through Airbnb.
How to complete on time and avoid any last-minute surprises
If you miss the 31st January deadline, you will be fined £100 for a late return. You have 30 days to pay your tax before 5% is charged on it. You have 90 days to get your return in after which it will cost you £10 a day in fines.
Jamie adds: “Anyone who has become self-employed, received high levels of investment income, or has capital gains tax to pay must complete a self-assessment return. However, this list is by no means exhaustive; if you aren’t sure whether you need to complete one, please seek professional advice or contact HMRC directly.”
For more information, visit www.hwfisher.co.uk/people/jamie-morrison/