The deadline for submitting online tax returns for the 2016-17 tax year is midnight on Wednesday, January 31.
Most employees don’t submit a tax return because their tax is deducted at source under PAYE.
But 11.8m people are required to submit returns including the self-employed, company directors, anyone with more than £2,500 in untaxed income – for example buy-to-let landlords – and anyone with income from savings, or dividends from shares, of more than £10,000.
Those missing the January 31 deadline face an automatic penalty of £100, which rises if the return is more than three months late. Last year 928,000 arrived late and another 769,000 only just made it, filing on the last day.
If you haven’t filed yet, HM Revenue and Customs (HMRC) has a selection of digital support tools to help you.
Its YouTube channel has a range of short videos on Self Assessment covering topics such as:
For more information dip into this ‘self-employed business expenses’ e-learning guide, available at a time that suits you.
To help you budget for your Self Assessment tax bill, there’s a handy ‘Ready Reckoner’ tool on GOV.UK.
Why not ask your question on HMRC’s Small Business Forum? Be one of the many businesses who are already benefitting from the advice of HMRC experts. Ask questions anytime or check the Bulletin Board to find the date of the next Q&A session by joining the Small Business Forum community here.
HMRC broadcast two webinars this week.
Self Assessment tax return help and support: Covering general questions about your tax return and business expenses if you’re self-employed.HMRC broadcast two webinars this week.
How to complete your online tax return: Help to complete your Self Assessment tax return. This covered signing in and completing the self-employment section, viewing your calculation and budgeting for your payments.
Catch up with recordings of the webinars here.
You can also follow HMRC on Twitter @HMRCBusiness to stay updated with the latest information available.© Cumbria Chamber of Commerce