Self assessment deadline approaching
If a taxpayer’s return is not submitted before this deadline, here is a penalty of £100 even if there is no tax due or the return shows that they are due a tax refund.
The balance of any outstanding income tax, Classes 2 and 4 NIC, capital gains tax and High Income Child Benefit Charge for the year ended on 5th April 2019 is also due for payment by 31st January 2020. Where the payment is made late interest will be charged.
The first payment on account for 2019/20 in respect of income tax and any Class 4 NIC or High Income Child Benefit Charge is also due for payment by 31st January 2020.
HMRC has revealed that more than 3000 taxpayers filed their return on Christmas Day.
Joanna Earl FCCA of Harvey, Telford and Bates comments on the tax return deadline:
“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]