Self Assessment – New Payment Deadlines
HMRC recently announced new payment deadlines for anyone paying their Self Assessment tax liability.
Individuals wishing to pay their Self Assessment tax liability using a personal credit card will have to make the payment by 13 January 2018. Corporate, business and commercial credit cards will not be affected by this change.
If you do intend to use a personal credit card to pay your Self Assessment liability please ensure that you send to us all of the necessary information to complete your tax return in plenty of time to meet this new date. For more information on these changes please visit the HMRC website.
Do you need to complete a self-assessment?
If you are earning money through any means other than PAYE then you must complete a self-assessment tax return each year to declare that income and calculate the amount of tax you owe.
Directors and shareholders extracting dividends, property and goods, traders and the self-employed are all subject to self-assessment and must complete their annual personal tax return detailing income from all sources in each tax year: 6th April-5th April. If you aren’t relying on payment via personal credit card then you still have until the 31st Jan following the end of the tax year to make payment
Failure to comply with self-assessment regulations can result in stressful penalties.
As an individual, you need only complete one self-assessment tax return each year. This document will detail all of your income sources no matter how many or how complex your situation.
If you need help with self-assessment then talk to us. Our experienced accountants and tax advisors will ensure that your returns are filed on time and your tax liability is correct. We can even advise you on how best to keep your records to ensure your returns are at their most efficient each year.