Online Self Assessment Deadline January 2018
Whilst the festive period may be keeping you busy, it is important to keep up to date with your accounts, particularly with the online self-assessment deadline of 31st January 2018 fast approaching.
Harvey Telford & Bates Chartered Accountants are working on self-assessment returns for our clients, ensuring all information is submitted in a correct and timely manner – essential to avoid potential late filing penalties and interest.
The self-assessment deadline for those registered for self-assessment for the tax period of 2016-2017 is 31st January 2018, however it is important to not leave it too late – or you may potentially face a fine for late submission, which is £100 (if up to 3 months late) or more if an extended time period is involved.
If you don’t currently complete a self-assessment tax return, but believe you are eligible – here are a few pointers as to who should complete a self-assessment tax return:
- You are self-employed;
- You receive more than £2500 in untaxed income from a property rental, savings or investments;
- You have savings or income of £10,000 plus pre-tax;
- You receive profit from selling shares etc. and are required to pay Capital Gains Tax;
- You are a company director;
- You are a trustee of a pension scheme/ trust;
- You have an income of £50,000 or above and claim Child Benefit;
- You earn over £100,000
- You live abroad but receive a UK income, or have a taxable foreign income.
Whilst these guidelines should give you an approximate idea if you are required to complete self-assessment, our team will be able to provide all the support you need – from providing assistance to completely managing your self-assessment matters for you.
31st January is not just the online deadline for submitting the online self-assessment tax return, it is also the final day to make any tax payments for the tax period of 2015-2016, with the balancing payment due. You may also have payments on account to make for the 2016/2017 year at this time.
If you need more information on what you need to do for self-assessment, why not give us a call today – 01743 462604 or email [email protected], our friendly team are here to help today.