The Self Assessment tax return deadline is looming, as the 31st January creeps ever closer. But what exactly does this deadline mean? Does a Self Assessment even apply to you? And, if it does, how do you complete one of these forms correctly?
Here, GoSimple tell you everything you need to know about the Self Assessment tax return deadline and how you can take the right steps to fill it out accurately and successfully.
Do I need to know about the Self Assessment tax return deadline?
The eligibility criteria for those required to complete a Self Assessment is simple: it’s for anyone who earns income outside of PAYE (Pay As You Earn).
Many UK employees pay their tax and national insurance contributions solely via PAYE, with their employer deducting all the necessary tax due from their wage, making the right calculations based on what you earn.
However, any income outside of PAYE must be declared via a Self Assessment form, which needs to be filled by the person who generates the income. This can be money earned through self-employed work, company director work, property rental income and more.
The Self Assessment tax return deadline is 31st January. By then, the tax return form must be sent to HMRC so they can determine how much tax and national insurance you are liable to pay, NOTE: HMRC do not advise areas for tax relief.
It’s important to be aware of the deadline date, as filing a late tax return will result in fines. There are, however, as many as four different ways to send this information to HMRC on a yearly basis.
How to file a Self Assessment tax return
As the Self Assessment tax return deadline approaches, it’s worth reviewing your options so you can determine which submission method is best given your circumstances.
Paper and postage
The Self Assessment tax return deadline for paper submissions is the 31st October, but it’s worth noting that these types of tax submissions are being phased out. Plus, whilst paper returns don’t require an internet connection, they are invariably time-consuming and complicated.
Heading to HMRC’s official website is another way to submit your form in time for the Self Assessment tax return deadline. First, you’ll have to register, for your government gateway log-in. Without this you cannot submit your tax return via the HMRC website.
Like paper returns, this method of tax submission will soon be phased out, although it currently remains the most popular option among those who submit Self Assessments across the country.
Use an accountant
Accountants are armed with the specialist knowledge and tools required to complete your tax return for you, ensuring it reaches HMRC before the Self Assessment tax return deadline.
Whilst accountants offer support and guidance whilst completing all the calculations for you, they often charge a considerable amount of money for the privilege.
Arguably the best way to meet the Self Assessment tax return deadline is to take advantage of tax return software: a system that performs all the necessary calculations and sends the resultant information to HMRC.
With two tiers to choose from, you can relax in the knowledge that you’ll meet the Self Assessment tax return deadline without any problems.
To discover how to file a Self Assessment tax return the easy way, try SimpleTax today with a 14-day free trial.