Are you one of the 5 million people still to submit their online self-assessment tax return? With time running out, here’s all you need to know about submitting yours.
You have until 31st January to submit your self-assessment tax return online. The deadline for paper returns was 31st October 2015.
The Tax Year
The last tax year was 6th April 2014 to 5th April 2015. This is the period of time you need to take into account when completing your self-assessment.
Who Needs To Send A Tax Return?
You need to send a tax return if you have been self-employed in the last year, you have had extra income outside of your taxed income, or you have received an income from abroad that you need to pay tax on.
Filling In A Tax Return
You need to let HMRC know of any income and outgoings. The best way to do this is to keep records such as bank statement and receipts, especially to prove any work-related expenses that you can claim back. You can get help from HMRC when filling out your tax return, or hire an accountant to do it for you.
Earlier Tax Years
If you’re yet to submit a tax return or pay your tax for tax year 2013 to 2014 or earlier, you need to pay it as soon as possible and you’re likely to face a penalty.
If you receive a penalty for being late with your tax return or paying your tax, you can appeal it if you can prove reasonable excuse.
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