It’s imperative to know as much as possible about the tax return before the end of January. We don’t just mean the actual date itself either; there are details to consider for the exact status of your Self Assessment, as well as how to make it pitch-perfect for HMRC.
Read on for all the critical information you’ll need to know ahead of the UK’s tax return deadline day 2019.
The tax return deadline 2019 – what you need to know
The final online submission date is the 31st January. Paper documents should’ve been filed by the 31st October 2018.
The Self Assessment deadline 2019 is for the declaration of any income during the 2017/18 tax year. You submit for the previous financial year (which always runs from the 6th April to the 5th April). Therefore, you’d outline any earnings between 6th April 2017 and 5th April 2018.
You must pay the tax you owe by the 31st January – You also need to pay an additional amount of half the tax you’ve calculated towards next years tax due. This is called ‘paying on account’ and it splits your obligations down into two, placed six months apart. The first half is paid on account by midnight 31st January, and the second is due by the 31st July. The only people who are exempt from this are those who make less than £1,000 a year, independent of PAYE wages.
What if you miss the cut-off deadline?
The tax return deadline 2019 is unforgiving. If you miss the 31st January date, you’ll be handed an instant £100 penalty. One of two things may happen:
- If you haven’t paid the tax, you have 30 days to satisfy the bill. Afterwards, 5% interest is charged on it.
- A late return of 90 days or more incurs a £10 a day penalty on top of your outstanding bill, for a maximum of £900 over 90 days. After six months, it’s a further £300 fine or 5% of your tax owing – whichever is greater. When you get to 12 months after the Self Assessment date, and it still hasn’t been submitted, that’s another £300 or 5% of your tax owing on top of what you already owe.
Other penalties can be issued if HMRC suspect you’ve misled them on the Self Assessment. Tax investigations are launched in this case. Total, 100% accuracy is key to avoid the taxman breathing down your neck.
Make your Self Assessment more robust
There’s still time to prepare a submission before the tax deadline 2019.
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