It’s that time of year. October 31 is the deadline for paper-based self-assessment tax returns, but for those doing it online, they have a little while longer. Up until January 31 in fact.
If you’re self-employed or running your own limited company, you must file a return.
In fact, there are a whole range of reasons why people might have to file a self-assessment. They include:
* Working overseas
* Living overseas
* Income from savings and investments over £10,000
* Income from renting property of £2,500 or more
* Income from the estate of a deceased person
* A minister of religion, regardless of faith
* If you need to claim expenses or relief
* If you need to pay capital gains tax
And as already mentioned:
* The self-employed and company directors
The best advice is to ensure you get your self-assessment done sooner rather than later. If you send it off too close to the deadline then you may leave yourself vulnerable to a clerical error which may be too late to correct.
If your return is late then you will receive an automatic £100 penalty, after which point interest will be added.