Happy Friday, folks! I’ve steered clear of THAT obvious financial hot (Scots) potato today as you are no doubt inundated on all fronts by media coverage of the #BetterTogether victory. Instead, today’s blog is all about a matter that you personally can’t say no to – filing your self assessment return.
Granted, there are still 3 (short) months to go to the online filing deadline of 31st Jan 2015…and of course, there’s that small matter of Christmas in between….but if you haven’t yet registered for self-assessment for 2013/14, then you need to do so by 5th October 2014 (yes, that’s 2 weeks on Sunday, a date I know well, as its Cardiff Half Marathon day. Gulp)
It’s a common misconception that only the self-employed business owner has to file a tax return. In actual fact, there are numerous other groups who also need to do so – for example, if your annual income is £100,000 or more, if you or your partner receive Child Benefit and your income is over £50,000, if you have income from savings, investments or property, trusts, settlements or estates or if you have Capital Gains Tax to pay. These are just a few examples, and as often is the case with HMRC, specific regulations apply to different circumstances, so it’s best to take advice before completing your return.
10.7 million people in the UK had to file a Self Assessment return for 2013/14, with well over half a million doing so on the last day – that’s a lot of frantic last minute filing! So to avoid feverishly gathering paperwork over the festive period to avoid the automatic late filing penalty, make yourself an early New Years Resolution and get the ball rolling now. Visit our Self Assessment pages for more details.