Fewer than 100 days now remain until the 31 January 2020 deadline for the online submission of Self-Assessment Tax Returns.
Self-Assessment Tax Returns must be completed in respect of most income that has not been subject to PAYE. This includes the following groups:
- Self-employed individuals
- Sole traders
- Individuals in receipt of rental income
- Individuals in receipt of tips and commission
- Those with income from savings, investments and dividends
- Individuals in receipt of overseas income
Additionally, this year, people who are liable for the High Income Child Benefit Charge (HICBC) may need to file a Self-Assessment Tax Return. This generally applies to people with an income of £50,000 or more.
Anyone who misses the 31 January deadline for online filing and payment will be subject to penalties from HM Revenue & Customs (HMRC) beginning at £100.
Angela MacDonald, HMRC Director General for Customer Services, said: “The deadline for completing Self-Assessment Tax Returns is only 100 days away, yet so many of us wait until January to start the process. Avoid the last-minute rush by completing your tax returns on time and then enjoy the upcoming festive period.
“We want to help people get their tax returns right – starting the process early and giving yourself time to gather all the information you need will help avoid that stressful, late rush to file.”