Monday 23rd September officially marked the final day of Summer in the Northern Hemisphere.
Only a matter of days later, 5th October 2019 marks the first of three equally important deadlines that you should be aware of if you are within scope of Self-Assessment.
The majority of people who should be registered to complete tax returns are, but there are a number who will not be.
This may be because they are unaware of the requirement to complete a self-assessment tax return, because they are unsure about how to register or perhaps just because they are choosing not to prioritise it at this moment in time!
Whatever the case may be, the deadlines are not going to go away, and it is in your best interests to meet them. Penalties will be issued, by HMRC, on account of late submission and late payment.
Diarise the following key dates:
5th October 2019
If you are self-employed as a sole trader or as a partner in a partnership, or you need to complete a tax return for any other reason (i.e. because you have received rental income or high dividends) you must have registered for Self-Assessment by this date.
31st October 2019
If you are submitting a paper tax return, this must be done by midnight on this date.
31st January 2019
You must have submitted your online Self-Assessment tax return and paid any tax that you owe by midnight on this date.
There are a range of different circumstances which can dictate the need to complete a Self-Assessment tax return; if you are unsure whether you need to do so, please contact us as we can advise you on this.
We can also advise on the best way to register for Self-Assessment as this can change depending on your own personal circumstances.
Contact us today, to speak to one of our tax advisers about meeting your Self-Assessment obligations.