Summer is typically a quiet time for personal tax matters but don’t be lulled into thinking you can ignore your personal tax returns – the next deadline will be here before you know it!
If you are self-employed, then you will be expected by HM Revenue & Customs (HMRC) to complete self-assessment tax returns.
If you have not previously registered, you will need to notify HMRC no later than 5 October if you have any income that has not been previously taxed, along with any capital gains in excess of £12,000. HMRC will then send you a notice, enabling you to file a tax return.
If you are already registered and are planning to send HMRC a paper tax return for the last tax year – 6 April 2018 to 5 April 2019 – this must be submitted by the 31 October. If you send the form after this date there will be a penalty even if you have no tax to pay.
If you plan to submit your returns online you have more time to do so – the deadline for filing online is 31 January 2020.
At Macalvins, we are happy to help you so if you need support to deal with personal tax returns, please contact us.