The 31 January deadline for submitting your tax return is fast approaching, and if you need to complete a tax return, there is now no other option other than to do it online – if you want to avoid a fine that is. Here’s everything you need to know about completing your self-assessment online.
Do you need to complete a tax return?
You will need to complete your return if you are self employed, in a partnership, a paid company director or you are part employed part self-employed. Even if you think your income falls below the current income threshold for tax you will still need to complete a return.
How do I file a self-assessment online?
While it might seem daunting, filing a tax return online is quite straightforward as long as you have kept accurate records of your income and expenses. You simply need to fill in an SA100 form which is available on the HMRC website. The system will calculate the tax you owe based on the information you have provided.
What happens if I miss the deadline or lose my password?
If you miss the deadline you will probably receive a fine of £100 and this fine will increase while the tax return remains incomplete. There will of course be cases where you can appeal depending on the circumstances that prevented you completing the return on time.