TAX RETURN TIME!
C’mon, you’ve had since April to do it and you’ve put it off for 6 months so far. There are 4 months to go before the final deadline, so just get it out the way now, before winter really sets in and the “C” word gets mentioned.
So what are the key dates, and what do you need to do?
- 31 Jan – most people know that 31 January is the filing deadline for tax returns. This is for your 2016/17 tax return which covers your income from 6 April 2016 – 5 April 2017. Any tax not already paid for the year is also due for payment then, plus any payment on account you need to make for your 2017/18 tax.
- 31 October -if you want to send a paper tax return then this has to be in by 31 October.
- 5 October – if you have a new source of income in the year, or need to register for the first time for self-assessment – then this should have been done by 5 October. If you need to do this, and haven’t already – then get on the phone now.
- 31 December – if you owe tax for the year and you want this to be collected via your tax code in 2017/18, rather than sending them a cheque at 31 January, then you need to get your return in by 31 December, not 31 January.
If it’s your first year of self-assessment and you are going to do it yourself, you will first need to register to file online and get the passwords sent to you in the post. This can take a few weeks to come through, so you really can’t afford to leave this until January as not being organised won’t be an excuse for not filing on time! The fine for late filing is an immediate £100, irrespective of the amount of tax due.
By doing your return now, rather than in the New Year, you will know what your tax bill is going to be and you can budget for any tax due over the next few months. You’ll also have that warm inner smugness that it’s done, and that you won’t be joining the January panic this year.