HMRC are reminding customers that the deadline for submitting self assessment tax returns is only 100 days away and urging customers to complete their returns early before the Christmas and New Year rush.
With more than 2,000 people sending in their tax returns on Christmas Day in 2018, HMRC are asking people to consider submitting their returns early so they can then enjoy the festive period and avoid the stress of the last minute rush.
“The deadline for completing Self Assessment tax returns is only 100 days away, yet, so many of us wait until January to start the process. Avoid the last minute rush by completing your tax returns on time and then enjoy the upcoming festive period.said Angela MacDonald, HMRC ‘s Director General for Customer Services
“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 that stressful, late rush to file.”
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, they are required to complete a Self Assessment tax return each year. “
Self-assessment and the High Income Child Benifit Charge
HMRC is also reminding people who are liable for the High Income Child Benefit Charge that they may need to file a tax return before the deadline. Those with income over £50,000 who receive child benefit, or those whose partner gets it, are liable for the charge. Customers can check their annual income via their P60 or Personal Tax Account, and use HMRC’s child benefit tax calculator.
Read more on Child Benefit here
The deadline for paper tax returns is 31 October 2019 and the deadline for online tax returns and paying any tax owed is 31 January 2020. If customers miss the deadline, they can face a minimum £100 penalty for late submissions.
For further advice contact AJR & Co Ltd to arrange a free 30 minute consultation.