Deadline on tax returns

Monklands residents are being warned to complete their self assessment tax returns before the January 31 deadline.

More than 11 million 2018/19 tax returns are due back with HM Revenue and Customs (HMRC) by the end of the month.

Around 54 per cent of taxpayers have already filed their returns with more than 5.6 million of those completed online (89 per cent of the total returns filed).

Angela MacDonald, HMRC’s director general for customer services, said: “The self assessment deadline on January 31 is fast approaching, so customers have less than a month left to file their tax returns online to avoid any unnecessary penalties; any tax due is also payable by January 31.

“We know that can be a worry, and not only when large sums are involved, so I would urge anyone who is expecting to find it difficult to pay their tax to get in touch with us as soon as possible.

“We will do everything we can to help and provide practical support.”

People need to complete a tax return if: they or their partner received Child Benefit and either of them had an annual income of more than £50,000; received more than £ 2500 in other untaxed income, for example from tips or commission, money from renting out a property, income from savings, investments and dividends or foreign income; are self-employed sole traders and earned more than £ 1000; are a partner in a business partnership; are employees claiming expenses in excess of £2500; or have an annual income over £100,000.

The penalties for late tax returns are: an initial £ 100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time; after three months, additional daily penalties of £10 per day may be charged, up to a maximum of £900; after six months, a further penalty of five per cent of the tax due or £300, whichever is greater; and, after 12 months, another five per cent or £300 charge, again whichever is the greater amount.

If customers completed a self assessment tax return last year but didn’t have any tax to pay, they still need to complete a 2018/19 tax return unless HMRC has written to them to say it isn’t required.

For any customers who are yet to start their 2018/ 19 self assessment, films and webinars can help with each stage of the process, with bespoke guidance for individuals’ varying circumstances, including a video specifically aimed at customers completing a tax return for the first time available at www.youtube.com/watch?v=_QzNuPkf9Iw

Help is also available on GOV.UK or from the self assessment helpline on 0300 200 3310, and on social media.