Reminder: The Self-Assessment Tax Return Deadline is Looming
Reminder: The self-assessment tax return deadline is looming
The self-assessment tax return deadline is just a few weeks away on the 31st January 2017, so if you’re yet to complete your tax return you don’t have long left.
What happens if I miss the Self-Assessment deadline?
It’s really important that HMRC receive your Self-Assessment before the deadline, otherwise you could end up with a fine. If you send your information late you will incur an automatic penalty of £100, and the penalty will increase the longer it takes for HMRC to receive your return.
If you have a reasonable excuse for why your return or payment being late, for example you were ill or had bereavement in the family, you can appeal against the penalty. Find out about reasonable excuses on HMRC’s website.
Do I need to make a tax payment on the 31st January?
Whilst everyone, including CIS workers, must submit their tax return by the 31st January, if you work through the Construction Industry Scheme then you don’t need to make any tax payments on the 31st January. This is because your payments are made automatically on your behalf due to being a part of the scheme.
However, if you’re a self-employed mechanic or tradesman, the 31st January is also the deadline for payments to HMRC. This includes your first tax payment of the current tax year and making any outstanding payments from the previous tax year.
How can Brian Alfred help?
At Brian Alfred, our tax experts can help take the hassle out of completing your tax return and claiming your tax rebate.