Ahead of the 31st October paper self-assessment deadline, HW Fisher shares their top tips on how to avoid any scary mistakes and ensure you file on time.
Jamie Morrison, head of private client at HW Fisher explains: “More and more people are filing their tax returns online, however those who are filing paper tax returns, must remember to submit three months early, on 31st October. The deadline is a Thursday this year, so it is worth finding all the relevant paperwork the weekend before, to avoid dealing with any last-minute skeletons”.
Don’t be in the dark about who must 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 spooks
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.”