Posts Tagged ‘HMRC tax returns help Manchester’

HMRC self-assessment tax return deadline – are you risking £100 fine?

Tuesday, December 19th, 2017

The deadline for online self-assessment tax returns is 31st January 2018.  If you miss it, you could be fined £100 by HMRC.

Who needs to fill in a tax return?

You need to file a tax return if you are:

– self-employed or work as a sole trader

– a company director

– employed and self-employed at the same time

– a partner in a business

– renting out a property to anyone

The tax return applies to the tax year April 2016 to April 2017 and you must submit one even if you don’t have to pay tax.  If you’re self-employed, you will be able to deduct allowable expenses such as:

– any office, property and equipment you use to run your business

– car or van and travel expenses

– some clothing expenses if essential for your work

– marketing costs including professional subscriptions

– some legal and financial costs of running your business

– any staff expenses incurred

And remember, you can earn £11,000 before you start paying any tax.  It’s called your Personal Allowance.  For the 2016-17 tax year, everyone gets the same personal allowance.  Your personal allowance can be even higher if you claim Marriage Allowance or Blind Person’s Allowance.

If you earn between £11,001 to £43,000 you will have to pay tax at the basic rate of 20%.

If you earn between £43,001 to £150,000 you will have to pay tax at the higher rate of 40%.

And it’s always worth checking if you are paying too much tax –  as thousands of people across the UK are paying more tax than they owe because it’s such a complicated topic.

Don’t let HMRC catch you out.  If you would like more help, please talk to one of our tax advisors at Tree Accountancy or email kate@treeaccountancy.co.uk for further information.

Merry Christmas!