Ten Days to File Tax Returns Online
If you haven’t already filled in your Self Assessment Tax Return online then you need to do so as soon as possible because the deadline is just ten days away…
The Self Assessment Tax Return deadline for those filing their returns online, is midnight on Friday the 31st January 2014.
As well as filing the self-assessment tax return, any tax owed is payable by that deadline too.
Failure to pay on time can result in an automatic fine, the penalty for which now stands at £100.
If the tax return is still late after a further three, six and/or twelve months, additional penalties could add up to a whopping £1,600 or even more.
Self-assessment tax returns need to be completed by the self-employed, company directors, religious ministers of any faith, those with incomes in excess of £100,000 per annum. or anyone who makes an income from savings, investments or property.
You will also need to complete your tax return if you claim expenses, reliefs or professional subscriptions of £2,500 or more, you are a trustee, those getting an income from overseas and people with Capital Gains Tax to pay. Non-domiciles may also be required to fill in a tax return, as might those earning over £50,000 and claiming child benefit.
The deadline for the paper tax return was 31st October 2013.
Last year a record number of returns and payments were made for the 2011-2012 tax year. Out of a total 10.34 million people eligible to file their returns, a record 9.61 million did so.
Another record was achieved with 7.93 million tax returns being filed online, making up 82.5% of the total received.
The busiest day last year, according to HMRC, was the last day when over half a million returns were filed, most of them being between 4 and 5pm.
For further assistance the HMRC have a number of useful resources such as Do you need to complete a tax return? , Sending HMRC your Self Assessment tax return and the Tax Self Assessment Mini Q&A on Youtube .