The deadline date is now approaching fast if you decide to send a paper tax return a it must be submitted by the 31 October 2019. If you send the form after this date there will be a penalty even if you have no tax to pay. HM Revenue and Customs are keen to encourage everyone to file their self assessment tax returns online
What is a Tax Return
Most people pay tax through Pay As You Earn (PAYE) if they are employed, and. This is usually deducted automatically from wages, pensions. People and businesses with other income will need to complete a self assessment form known as SA1 form for H M Revenue and Customs to process and collect Income tax each year.
How do I know if I need to submit a tax return
• You’re self-employed and your income was more than £1,000.
• You or your partner’s income was more than £50,000, and one of you claimed child benefit.
• You earned more than £2,500 from renting out property, or from other untaxed income such as tips or commission.
• You earned more than £100,000 in taxable income.
• You earned £10,000 or more before tax from savings, investments, shares or dividends.
• You need to pay Capital Gains Tax.
• You’re the beneficiary of a trust receiving regular income.
• Your state pension was more than your personal allowance and was your only source of income.
• HMRC has told you that you didn’t pay enough tax last year (and you haven’t already paid up through your tax code or voluntary payments).
If you are filing online
If you file your tax return online you will need to submit it by the 31 January 2020. If you want HM Revenue and Customs to collect the tax through your tax code. This maybe possible where you owe less than £3,000 and your return is filed before 31 December 2019. Alternatively it will be payable on 31 January 2020. If any payments on account for 2019/2020 are due they will be payable on 31 January 2020 and 31 July 2020.
Again if you miss the deadline there will be a penalty even if you have no tax to pay.
How we can help
Tax returns can be very mundane, time consuming and stressful. We aim to help you through the process of managing your tax affairs in the most timely and cost-effective way. Please contact us on 020 8532 9843 or email: email@example.com to make your first free consultation.