Self Assessment is a system HM Revenue and Customs HM Revenue and Customs uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return.
If you need one, you fill it in after the end of the tax year (5 April) it applies to. To check whether you need one click here.
Sending a return
After you have registered you can send your tax return using HM Revenue and Customs’ free Self Assessment online service. Here you can get help with how to fill in the return, then you will have to pay our bill by the deadline.
The last tax year started on the 6th April 2015 and ended on the 5th April 2016, so this will be the current tax return which needs to be completed. The deadlines are as follows;
- You need to be registered for Self Assessment by 5th October 2016
- Paper Tax Returns need to be completed by Midnight 31st October 2016
- Online Tax Returns need to be completed by Midnight 31st January 2017
- Any tax you owe needs to be paid by Midnight 31st January 2017
There is an additional payment deadline of 31st July if you make advance payments towards your bill. These are known as ‘Payments on Account’.
If any of the deadlines are missed and any payments are not made in time you will get a penalty. You will get a penalty of £100 if your tax return is up to 3 months late. If it is later than this you will have to pay even more, or if you pay your bill late.
Follow this link here to estimate your penalty for Self Assessment tax returns more than 3 months late, and late payments. If you have a good reasonable excuse you can appeal against the penalty.
If it is a partnership tax return then all partners can be charged a penalty.
Returns for someone who has died
If someone dies and you are dealing with their tax affairs, then you should inform the HM Revenue and Customs straight away. HMRC will then confirm whether or not you need to complete a tax return on the deceased’s behalf.
If you need help with completing your tax return then call a member of our team today on 0800 020 9542.