Every year we see a number of clients who have received fines for ignoring a request to complete a self-assessment tax return or for failing to submit a return. Make sure you look out for letters from HMRC and respond as appropriate or take the initiative to get in touch with HMRC if you need to complete a return.
Why I might need to complete a self-assessment tax return
Here are some of the reasons you may need to complete a tax return:
You are an employee but want to claim tax relief on expenses of more than £2,500 per year
You let property or a room in your home and receive income from renting (above certain limits each year)
You have taxable foreign income from overseas savings, investments, pensions or employment
You are self-employed and have an income of more than £1,000 per year, this includes any money you earn cash in hand.
You are an employee but didn’t pay the correct amount of tax through your tax code
You are not a UK resident but receive property income in the UK
You have income from savings and investments of more than £10,000
You work in a business as a partner
You or your partner receive child benefit, and your income is over £50,000
Even if none of the above applies to you, if HMRC has sent you a letter stating you need to complete your self-assessment you may still need to complete it. If this is the case, you should contact HMRC to find out why they sent you this return.
Deadlines
You must tell HMRC by 5 October if you need to complete a tax return and have not sent one before. Note the last tax year started on 6 April 2023 and ended on 5 April 2024. HM Revenue and Customs (HMRC) must receive your tax return and any money you owe by the deadline.
If you’re doing a paper tax return, you must submit it by midnight 31 October 2024. If you’re doing an online tax return, you must submit it by midnight 31 January 2025.
Have you had a letter from HMRC that says you owe tax?
If you are struggling with any aspect of your tax, whether you are employed or self-employed, PWCAC may be able to help. Alternatively, if you have already tried HMRC, try TaxAid who support people who cannot afford paid tax advice. They are a charity and will not charge you for help or take a commission on any successful appeals. TaxAid can be reached on 0345 120 3779 or at https://taxaid.org.uk for free advice. If you are over 60 and on a low income you can call Tax Aid for Older People www.taxvol.org.uk on 01308 48806 or email taxvol@taxvol.org.uk.
PWCAC is OPEN for face-to-face advice (appointments and drop-ins) Monday to Friday, 9:30 – 1:30. If you need advice about welfare benefits, housing and homelessness, debt, relationship breakdown, consumer issues or anything else, get in touch with us: info@pwadvice.org | 01892 838619, 94 Commercial Road, Paddock Wood, TN12 6DP
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