The Self-Assessment deadline is looming – 31st January 2019

In total, more than 11.5 million 2017/18 tax returns are due and HM Revenue and Customs (HMRC) expect the vast majority of taxpayers to complete their returns and pay any tax owed by the end of the month.

 

Approximately 52% of taxpayers have already filed their returns, as of 31 December 2018, and more than 5 million have completed their returns online (88% of the total returns filed).

 

Around 5.5 million taxpayers have less than a month to complete their Self-Assessment tax returns before the 31 January deadline.

 

You need to complete a tax return if you:

  • earnt more than £2,500 from renting out property
  • or your partner received Child Benefit and either of you had an annual income of more than £50,000
  • received more than £2,500 in other untaxed income, for example from tips or commission
  • are self-employed sole traders
  • are limited company directors
  • are shareholders
  • are employees claiming expenses in excess of £2,500
  • have an annual income over £100,000
  • earned income from abroad that they need to pay tax on

If customers completed a Self-Assessment tax return last year but didn’t have any tax to pay, they still need to complete a 2017/18 tax return unless HMRC has written to them to say it is not required.

 

For all your Tax questions call Kilby Fox on 01604 662 670 or email advice@kilbyfox.co.uk.

 

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