Hands up who hasn’t filed their self-assessment yet? If you still haven’t done it, you’d better hurry because the deadline for online returns is midnight 31 January. Leaving it until the last minute is just asking for trouble!
As you probably know the deadline for paper returns has already passed, so now the self-assessment tax return can only be done online. For those who haven’t done one before, you have to register at HMRC’s website then wait for an email confirming your details. After this you have to wait for an Activation Code to come through the post so that you can login to the system and begin your return. This can take a week, so best get cracking.
There is an automatic £100 fine, plus interest, for a late return.
You should file a self-assessment if you:
- Are self-employed or a company director
- Work overseas
- Live overseas
- Have income from savings and investments over £10,000
- Have income from renting property of £2,500 or more
- Have income from the estate of a deceased person
- Are a minister of religion, regardless of faith
- Need to claim expenses or relief
- Need to pay capital gains tax
As a freelancer or contractor, the self-assessment can be a fairly simple process assuming you have all the information to hand and don’t need to search high and low for tax codes or reference numbers. You should always leave enough time to resolve any such problems.
However, it has been a shock to discover that 845 people filed their return on Christmas Day. The following day 2,408 people filed their self-assessment. Perhaps they take the “Tomorrow Never Comes” philosophy too seriously.
To file your return, visit the self-assessment section on the HMRC website.
