Self Assessment 2020 Deadline approaching file your returns now

17-01-2020

Self Assessment 2020 Deadline approaching all you need to know about self-assessment 2020

Overview

Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax.

Tax is usually deducted automatically from wages, pensions, and savings. People and businesses with other income must report it in a tax return.

If you need to send one, you fill it in after the end of the tax year (5 April) it applies to.

This guide is also available in Welsh (Cymraeg).

Sending your return

File your tax return online or send a paper form

Deadlines

Send your tax return by the deadline.

If you did not send an online return last year, allow extra time (up to 20 working days) as you’ll need to register first. There are different ways to register if you’re:

  • self-employed or a sole trader
  • not self-employed
  • registering a partner or partnership

Filling in your return

You need to keep records (for example bank statements or receipts) so you can fill in your tax return correctly.

You can get help filling in your return.

Paying your bill

HMRC will calculate what you owe based on what you report.

Pay your Self Assessment bill by 31 January.

 

Deadlines

HM Revenue and Customs (HMRC) must receive your tax return and any money you owe by the deadline.

The last tax year started on 6 April 2018 and ended on 5 April 2019.

Self AssessmentDeadline
Register for Self Assessment if you’re self-employed or a sole trader, not self-employed, or registering a partner or partnership5 October 2019
Paper tax returnsMidnight 31 October 2019
Online tax returnsMidnight 31 January 2020
Pay the tax you oweMidnight 31 January 2020

There’s an additional payment deadline of 31 July if you make advance payments towards your bill (known as ‘payments on account’).

You’ll usually pay a penalty if you’re late. You can appeal against a penalty if you have a reasonable excuse.

When the deadline is different

Submit your online return by 30 December if you want HMRC to automatically collect tax you owe from your wages and pension. You must be eligible.

HMRC must receive a paper tax return by 31 January if you’re a trustee of a registered pension scheme or a non-resident company. You cannot send a return online.

HMRC might also email or write to you giving you a different deadline.

Partnership returns if you have a company as a partner

If your partnership’s accounting date is between 1 February and 5 April and one of your partners is a limited company, the deadline for:

  • Online returns are 12 months from the accounting date
  • Paper returns are 9 months from the accounting date

Penalties

You’ll get a penalty if you need to send a tax return and you miss the deadline for submitting it or paying your bill.

You’ll get a penalty of £100 if your tax return is up to 3 months late. You’ll have to pay more if it’s later, or if you pay your tax bill late. You’ll also be charged interest on late payments.

Estimate your penalty for Self Assessment tax returns more than 3 months late, and late payments.

You can appeal against a penalty if you have a reasonable excuse.

We can assist you in all areas of self-assessment, including filing returns on your behalf. Please contact us.

Source: Gov.uk