Submit your tax return
The 2019-20 tax year ended on 5 April 2020. This means that the HMRC deadlines for Self Assessment tax returns are approaching fast. Quilfords can help you pay the right amount of tax, whilst ensuring you meet the deadline, and avoid incurring a fine.
Individuals submitting a Self Assessment return for the first time this year must register by 5 October 2020. Partners, sole traders, and self-employed people, as well as landlords and those with foreign income are generally required to submit these returns. Other groups are also covered, so check whether you are covered by Self Assessment well in advance.
Once you have registered, there is a choice between submitting a paper tax return, or completing it online. Paper forms must be sent by 31 October 2020, whilst the online deadline is 31 January 2020. Both these deadlines fall at midnight on the respective day. Importantly, you must also pay any tax due by the respective deadline, to ensure that the process is complete on time.
In certain circumstances, the deadline and can differ slightly. A few groups are only eligible to use one format of return (paper or online). Ensure that you are aware about which deadline and format apply to you.
Those who fail to submit their return and pay their tax on time are liable for penalties imposed by HMRC. Late tax return penalties start at £100, whilst interest will be charged on overdue payments.
Quilfords is able to assist with all types of tax matters, including filing returns, minimising liabilities, tax planning, amending returns, advice on investigations, and claiming rebates. Why not contact us today?