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Avoid penalties – time to get your tax returns done

//Avoid penalties – time to get your tax returns done

Avoid penalties – time to get your tax returns done

No one wants a fine. It’s our job to remind you to do your tax returns.

 

When you need to do it?

Now is the time to get this sorted out. You’re running out of time. You could face up to £1,300 for missing the deadline. For 2016/2017 tax year, you need to submit your returns by 31st January 2018. But don’t worry, here’s some clear guidance for next steps.

 

Who needs to do it?

Here’s the criteria.

  • you were self-employed – you can deduct allowable expenses
  • you got £2,500 or more in untaxed income, for example from tips or renting out a propertycontact the helpline if it was less than £2,500
  • your income from savings or investments was £10,000 or more before tax
  • your income from dividends from shares was £10,000 or more before tax
  • you made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax
  • you were a company director – unless it was for a non-profit organisation (such as a charity) and you didn’t get any pay or benefits, like a company car
  • your income (or your partner’s) was over £50,000 and one of you claimed Child Benefit
  • you had income from abroad that you needed to pay tax on
  • you lived abroad and had a UK income
  • your taxable income was over £100,000
  • you were a trustee of a trust or registered pension scheme
  • you had a P800 from HMRC saying you didn’t pay enough tax last year – and you didn’t pay what you owe through your tax code or with a voluntary payment
  • your State Pension was more than your Personal Allowance and was your only source of income – unless you started getting your pension on or after 6 April 2016

If you’ve been told to send a return – please get on it.

 

If you get an email or letter from HM Revenue and Customs (HMRC) telling you to send a return, you must send it – even if you don’t have any tax to pay.

If you used to send a tax return but don’t need to send one for the last tax year, you can contact HMRC to close your Self Assessment account.

You must also tell HMRC if you’ve stopped being self-employed.

 

If you need help, we are happy to assist. Please get in touch.

By | 2018-01-16T12:59:48+00:00 January 16th, 2018|Tertiary Featured Posts|0 Comments