The online Self-Assessment Tax Return needs to be done by 31st January. If you’ve forgotten, don’t worry! As someone who works for themselves, you’re busy. There’s still time left to get things sorted.
Tips for a Quick Self-Assessment
Here are some simple tips to help you:
1. Gather Your Documents
Before you start your tax return, have all your papers ready. These documents could be the likes of:
- P11Ds: Which shows benefits or expenses you’ve received from your employer throughout the year.
- Investment Statements: These will show how much you’ve earned from savings and investments throughout the year.
- Dividend Vouchers/Details: these will be used to determine the dividend income received.
- Self-Employment Details: Including bank statements, Sales invoices, Purchase Invoices and account details. These will be crucial for calculating your self-employed income.
Keeping your documents organized can save you time and reduce stress. Misplacing crucial paperwork could delay your submission. Lost some documents? Ask your bank for missing statements or suppliers for invoice copies. Check HMRC’s help page for more help.
2. Don’t Wait Too Long
Try to finish before the 31st January deadline. If you’re late, HMRC will charge you:
- 1st Feb: £100
- 1st May: Up to £900 (£10 per day for 90 days)
- 1st Aug: £300 or 5% of the tax you owe, whichever is more.
- 1st Feb (the following year year): £300 or 5% of the tax you owe, whichever is more.
If you can’t pay your tax bill on time, HMRC offers a time to pay service to help. They are flexible and will be able to organize a payment plan which suits your position.
3. Valid Reasons for Being Late
Sometimes, unexpected things happen. If you have a reason for your return being filed late, tell HMRC. If they agree, you will be able to request the fees are removed. But, this is decided on a case-by-case basis.
HMRC lists some valid reasons, but don’t rely on these to delay your tax return.
Self-Assessment Help Needed?
If doing your tax return feels hard, our tax experts can help. Contact us to learn more.