Completing tax returns may be a mundane task, but if you don’t start planning their completion, you could see yourself being hit by penalty fines.
This is how long you have left to submit your returns, and how much you could be fined if you miss the deadlines.
When is the tax return deadline?
The deadline for paper tax returns is 31 October 2019, and the deadline for online tax returns and paying any tax owed is 31 January 2020.
The tax return applies to the tax year 6 April 2017 to 5 April 2018, and you must send your tax return, even if you don’t have any tax to pay.
Tax is automatically deducted from the majority of UK taxpayers’ wages, pensions or savings, but for self-employed people or businesses where tax is not automatically deducted they need to complete a Self Assessment tax return each year.
However, HMRC said customers should try and get ahead of their submissions in order to beat the Christmas and New Year rush.
Angela MacDonald, at HMRC, said, " The deadline for completing Self Assessment tax returns is only 100 days away, yet, so many of us wait until January to start the process. Avoid the last minute rush by completing your tax returns on time and then enjoy the upcoming festive period.
“We want to help people get their tax returns right – starting the process early and giving yourself time to gather all the information you need will help avoid that stressful, late rush to file.”
How long does the process take?
If you’re doing Self Assessment online for the first time, you need to register online first.
However, it can take several working days for the registration to arrive in the post, so it’s important that customers do it as soon as they can.
To register online, visit: gov.uk/topic/personal-tax/self-assessment
How much could I be fined?
Those who miss the deadline could face a minimum £100 penalty for late submissions.
This article was originally published on our sister site, The Star.