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Don’t pay the penalty for filing late tax returns
With the festive season upon us, HM Revenue and Customs (HMRC) is encouraging those filing Self-Assessment returns to put it at the top of their to-do list.
For those who got their 2021 to 2022 Self-Assessment wrapped up before Christmas, they can enjoy the festivities. But delay too long and miss the 31 January deadline and you risk having to pay a penalty.
Incredibly, last year more than 2,800 customers chose to file their tax returns on Christmas Day!
Who must send a tax return
HMRC says you must send a tax return if, in the last tax year (6 April to 5 April), any of the following applied:
· You were self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on)
· You were a partner in a business partnership
· You earned £100,000 or more
You may also need to send a tax return if you have any untaxed income, such as: · Some COVID-19 grant or support payments
· Money from renting out a property
· Tips and commission
· Income from savings, investments and dividends
· Foreign income
How much tax you pay will depend on the Income Tax band you’re in. There’s also a different rate for Capital Gains Tax if you need to pay it, for example, when you sell shares or a second home.
Filing early means if you owe money, you have plenty of time to explore which of the payment options available is best for them by visiting GOV.UK.
When it comes to payments, remember that your first payment on account for the 2022/23 tax year is also on 31 January 2023.
Having completed your tax return for the year you should know how much you owe, but this payment can still be a shock.
If you are unable to make this payment you should contact HMRC and make alternative arrangements.
Need advice with Self-Assessment returns? Call us today.
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