The Countdown To Filing Your Self Assessment Tax Return On Time

It is less than 100 days until the Self Assessment tax return deadline of 31 January 2020, and HMRC are urging taxpayers to complete their tax returns early, in order to avoid the last minute rush. With reports that more than 2,000 people submitted their tax returns on Christmas Day last year – it seems like practical advice.

Angela MacDonald, HMRC’s Director General for Customer Services, said:

“We want to help people get their tax returns right – starting the process early and giving yourself time to gather all the information you need will help avoid that stressful, late rush to file.”

Not all taxpayers need to complete a tax return as tax is automatically deducted from the majority of UK taxpayers’ wages, pensions or savings. For people or businesses where tax is not automatically deducted, or when they may have earned additional untaxed income, they are required to complete a Self Assessment tax return each year.

HMRC also want to remind people who are liable for the High Income Child Benefit Charge that they may need to file a tax return before the deadline. Those with income over £50,000 who receive child benefit, or those whose partner gets it, are liable for the charge. Taxpayers can check their annual income via their P60, Personal Tax Account, or the HMRC’s Child Benefit tax calculator.

The deadline for filing paper tax returns was 31 October 2019 and the deadline for online tax returns, and paying any tax owed, is 31 January 2020. Taxpayers who miss the deadline, may face a minimum £100 penalty for late submission.

For help with your Self Assessment tax return,  please email our EQ Taxperts or call your local office contact.