Don’t let that nagging thought that your tax return needs doing, spoil your Christmas. Get yourself organised and get it done before Christmas and tucking in to that Christmas dinner will be a whole lot more relaxing.
Taxpayers can complete their Self-Assessment Income Tax Return for the previous tax year from as early as the 6th of April, but many choose to wait until after Christmas to complete it. This often leads to a last minute panic because important information may be missing, and accountants will be at their busiest – in fact some charge more for January tax work.
So try to avoid that last minute tax return rush by completing your 2017 to 2018 Self Assessment tax return early. With the 2018 Budget still fresh in our minds, why not get the paperwork out and get down to doing you 2017-18 computations.
HMRC says, Last year, more than 11 million HMRC tax customers completed a 2016 to 2017 Self Assessment tax return, with 10.7 million completing on time. There were 4,852,744 customers who filed in January 2018 (44.8% of the total), and 758,707 on 31 January, the deadline day.
With around 90 days left to go before the 2017 to 2018 Self Assessment deadline on 31 January 2019, taxpayers can complete their tax return in advance, find out how much tax they need to pay, and pay the money owed by the deadline – taking away the stress from around the holiday period.
Mel Stride, Financial Secretary to the Treasury, says:
“Last year, more than 11 million taxpayers completed their Self Assessment tax returns, collectively bringing in a record £32.7 billion in revenue. Revenue that has gone on to fund our vital public services.
“Self-employed workers and small businesses make up a significant proportion of our Self Assessment tax returns and the government is committed to supporting them and reducing the administrative burden they may face. The Personal Tax Account, for example, allows you to file your return and manage your tax affairs online, quickly and simply, whenever you want.”
Angela MacDonald, HMRC’s Director General for Customer Services, says:
“The deadline for completing Self Assessment tax returns may be 100 days away, yet many of us wait until January to start the process. Time flies once the festive period is underway, yet the ‘niggle’ to file your tax return remains.
“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 the last minute, stressful rush to complete it on time. Let’s beat that niggle.”
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, and this includes rental income, they are required to complete a Self Assessment tax return each year.
Last year, a record 93% of customers did their return online and HMRC provides lots of support for people who need to do their tax return. There are films and webinars which show each stage of the process, with special guidance for different types of people.
Help is also available on the Self Assessment section on GOV.UK or from the Self Assessment helpline on 0300 200 3310.
The deadline for paper tax returns is 31 October 2018, and the deadline for online tax returns and paying any tax owed is 31 January 2019. If customers miss the deadline, they can face a minimum £100 penalty for late submissions.