HMRC countdown: file your tax return
HMRC reported that last year more than 2,000 people submitted their tax returns on Christmas Day. Advice has been given for taxpayers to instead consider submitting their returns early, thus avoiding the stress of a last-minute rush.
Not all taxpayers need to complete a tax return as tax is automatically deducted from the majority of UK taxpayers’ wages, pensions or savings. For people or businesses where tax is not automatically deducted, or when they may have earned additional untaxed income, they are required to complete a Self Assessment tax return each year.
HMRC is also reminding people who are liable for the High Income Child Benefit Charge that they may need to file a tax return before the deadline. Those with income over £50,000 who receive child benefit, or those whose partner gets it, are liable for the charge. Taxpayers can check their annual income via their P60 or Personal Tax Account and use HMRC’s child benefit tax calculator.
The deadline for filing paper tax returns was 31st October 2019 and the deadline for online tax returns and paying any tax owed is 31st January 2020.
Danielle Harvey, Director at Harvey, Telford and Bates says:
“If you miss the 31st January 2020 deadline, you face a minimum £100 penalty for late submission. At Harvey, Telford and Bates, we are here to help you and give you guidance with your self-assessment tax return to ensure that this deadline is not missed.”
For more information on how a member of our team will be able to help you submit your tax return, please call us on 01743 462604 or you can email us at [email protected]