Do You Need to File a Tax Return on January 31st 2020? Read Our Self Assessment Checklist

Do you need to file a tax return on January 31st

It’s that time of year when UK Self Assessment tax returns must be prepared and submitted to HMRC on the 31st January. If you’re not organised this task can be time consuming, and can be daunting and stressful but nevertheless it has to be done or you will receive a late filing fine.

Do You Need to File a Tax Return on January 31st 2020

The team at Tax Back UK are on hand to assist you with your Self Assessment tax return filing, if you have your paperwork and numbers in order, head to our Self Assessment online filing page and start filing in your 2018-19 Tax Returns. 

Take a look at our quick self assessment checklist which has some information on UK tax returns for non-residents and using UK tax agents.

Filing a Self Assessment Return for the First Time?

If you have never completed a self-assessment before, first request your ten-digit Unique Taxpayer Reference (UTR) code from HMRC. It may take 14-21 days for you to get your UTR, so make sure you have allowed enough time to meet the filing deadline of 31st January 2020.

Related Post:Top Tips for Filing your Self-Assessment Tax Form

Do You Need to File a Self Assessment Tax Return on January 31st 2020?

  • If you answer ‘yes’ to the following questions you must submit a self assessment tax return. 
  • Were you self employed or a partner in a business at any time in the year?
  • Were you a company director?
  • Did you receive income over £100,000?
  • Did you receive £10,000 or more before tax from taxed savings and investments, including dividends?
  • Did you receive more than £2,500 in untaxed income?
  • Did you receive income from letting out property?
  • Did you receive foreign income liable to UK tax?
  • Are you an employee claiming expenses or professional subscriptions of £2,500 or more?
  • Did you, or your partner, receive child benefit and have an individual “adjusted net income” of over £50,000 per annum?
  • If you receive a reduced age-related allowance, you’ll usually need to complete a return if your income is over a certain level.
  • Was your State Pension more than your Personal Allowance and was your only source of income?
  • Have you received a letter from HMRC requiring you to complete a Self Assessment Tax Return?
  • Have you made profits from selling assets such as shares, a second home or other chargeable assets, and need to pay Capital Gains Tax?
  • Did you live or work abroad?

If you are not sure whether you need to complete a self assessment tax return, or if your circumstances have changed this year, contact our UK Tax team to discuss your circumstances and we’ll tell you in a few minutes if you need to submit a self assessment tax return.

Related Post: Step by step guide to completing the HMRC Self-Assessment Tax Return

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