At midnight on 31st October, this month, the deadline will come for your paper submission of Self Assessment tax returns for tax year ended 5th April 2016 to be received by HMRC. If you are falling behind, all is not lost.
First of all, who must send a tax return?
You’ll need to file a tax return for the tax 15/16 tax year if in the last year:
· You were self-employed.
· You got £2,500 or more in untaxed income, for instance if you were renting a property or in savings and investments.
· Your savings or investment income was £10,000 or more before tax
· You became a company director
· Your income (or your partner’s) was over £50,000 and one of you claimed the Child Benefit
· You had income from abroad that you needed to pay tax on.
· You lived abroad and had UK income
· You got dividend from shares and you’re a higher or additional rate taxpayer.
· Your income was over £100,000
· You were a trustee of a trust or registered pension scheme.
· You received a P800 from the HMRC saying you didn’t pay enough tax last year- and you didn’t pay what you owe through your tax code or with a voluntary payment.
There are certain other individuals that may need to send a tax return, for instance religious minister or Lloyd’s underwriters. If you are unsure whether you have to or not contact us for advice.
The deadline for paper forms is 31st October (or 31 January if you’re a trustee of a registered pension scheme or a non-resident company). However, you can submit online with the deadline ending 31st January.