Vale & West Chartered Accountants Blog

Self-assessment tax return deadline looms

Millions of UK taxpayers have just a few weeks to file their self-assessment tax return for the 2017/18 tax year with HM Revenue & Customs (HMRC). Those who do not meet the deadline face fines of at least £100.

While most UK taxpayers have their taxes deducted automatically from their wages, pensions or savings, around 11.5 million need to file a tax return. Just over half of these have already filed their return but the remainder need to be aware that the deadline for filing the return is at 23.59 on Thursday 31 January.

Individuals need to submit a tax return if any of the following circumstances applied to them in the tax year that ended on 5 April 2018:

  • They were self-employed with an income of more than £1,000
  • Their income was more than £50,000 and they or their partner claimed child benefit
  • They earned more than £2,500 from renting out property and/or gained other untaxed income from tips or commission
  • They earned more than £100,000 in taxable income
  • They earned £10,000 or more before tax from savings, investments, shares or dividends
  • They earned income from abroad or lived abroad and had a UK income
  • They needed to pay Capital Gains Tax (CGT)
  • They were a trustee
  • Their state pension was more than their personal allowance and was their only source of income (unless they started getting their pension on or after 6 April 2018)
  • They were told by HMRC that they did not pay enough tax last year and have not already settled that bill

Anyone who needs to file a return and has not done so before must register on HMRC’s website to get a self-assessment online account and their unique taxpayer reference. However, they should note that this can take up to 10 working days to set up, so anyone who is new to self-assessment should act now.

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