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There’s Still Time To Meet The Self Assessment Deadline
If you’re self employed you’ll need to file a self assessment tax return before the deadline
It’s a brand new year, which means that the self assessment tax return deadline is fast approaching. We’re hoping that you read our earlier blog post about preparing for your tax return and made the decision to start early, but if you didn’t, there’s still a little time left to get everything in order.
When is the deadline?
The deadline to file your self assessment tax return online for the tax year ending 5th April 2017 is Wednesday 31st January. This is also the deadline to pay any tax that you owe.
Unfortunately, you have already missed the deadline to register for self assessment for this tax year and the deadline to fail a paper tax return. These were the 5th October 2017 and 31st October 2017 respectively.
What do I need to do?
If you have registered to file your tax return online, you will need to log into your account before the deadline and complete your self assessment tax return. You do this using the details you were given during the registration process.
Once logged in, you will follow a step by step process in which HMRC will ask you for information regarding your income which it will then use to calculate the amount of tax you owe.
What information will I need handy to complete my tax return?
You’ll need the following documents ready to complete your tax return:
- Your P60 form (the form issued at the end of the tax year summarising income and tax deductions)
- Details of any other personal income or investments
It’s a good idea to keep detailed records all year round so you’re not scrambling for the information you need at the last minute.
How do I pay the tax I owe?
HMRC offers a number of ways to pay the tax you owe. You can pay by debit or credit card, direct debit, cheque or at your bank and building society. HMRC has outlined and explained its payment methods.
How can I be prepared for next year?
Next year (2019), you will need to file your self assessment tax return for the tax year 6th April 2017-5th April 2018.
The deadline to register for this will be around 5th October 2018.
The deadline to file a paper tax return will be around 31st October 2018.
The deadline to file an online tax return will be around 31st January 2019.
The deadline to pay any tax you owe will also be around 31st January 2019.
Keep detailed records throughout the year regarding any income you receive or investments you make and store them somewhere you can easily access them when you need to complete your self assessment tax return.
Read the @UKPLC Company Registrations Guide to Getting Started With Self Assessment