The January 31st 2018 submission deadline for the 2016/17 tax year self assessment return has now passed. Now is the time most people have good intentions to make the process simpler for themselves next time. Here at @UKPLC Company Registrations, we care about your business growing effectively and so we’ve put together this guide to help you prepare in advance for your 2017/18 submission.
If, during the last tax year, you were self employed, you received more than £2500 in untaxed income; your savings or investments were more than £10,000 before tax; or you made profit from selling things such as shares, you will be required to complete a tax return. The government provides a full list of those expected to register for self assessment, along with the ability to check whether you need to register or not.
If you are required to register for self assessment, registration is an easy process. Simply visit this website – even if you want to send a paper tax return you must register online first.
The deadline to register for self-assessment for the April 6th 2017-April 5th 2018 tax year is 5th October 2018.
To file your tax return, sign into your online account using the ID and password you created when you first registered for self assessment or set up your online HMRC account. The website then walks you through the tax return step-by-step and it is possible to save your tax return and come back to it later if necessary.
The deadline to send your paper tax return for tax year 2017/2018 is 31st October 2018.
The deadline to send your online tax return for tax year 2017/2018 is 31st January 2019.
HMRC offers a number of options for paying your tax bill, including a budget payment plan. For same or next day payments, you are able to use online or telephone banking, debit or credit cards, the bank or a building society or the Post Office. When paying at a Post Office, bank or building society, you will need a paying-in slip from HMRC.
If you have more time before the payment deadline, BACS, direct debit or a cheque through the post are other acceptable ways to pay.