Self-Assessment Tax Return Deadline: Waiving of late filing fines

The deadline for filing your self-assessment tax return for the tax year 2019/2020 is this Sunday (31st January). However, the Government have announced that if you file your self-assessment late, you won’t receive the usual £100 fine. This is as long as you do still file it before 11:59 pm on 28th February. Please note though that you will still be fine if you don’t pay your bill before the 31st January deadline.

Who needs to submit a self-assessment tax return?

The majority of UK taxpayers will be full-time employees who have their taxes automatically deducted when they receive their wages. If this applies to you, you don’t need to worry about filing a tax return. However, if you are an individual or business who doesn’t automatically have your taxes deducted or you have earned undeclared income, you need to submit one.

To be a bit more specific, if the any of the following apply to you during the 2019/2020 tax year, you need to submit a tax return:

  • Income was received from a trust
  • Capital gains tax needs to be paid
  • Your income was more than £1,000 whilst self-employed
  • You had an income of more than £50,000 and you or your partner claimed child benefits
  • £10,000 or more was earned by you before tax on from savings, dividends, shares or investments
  • If your state pension was more than your personal allowance. This is if it was your main source of income (only if you started receiving your pension before April 6th 2016)
  •  More than £2,500 was earned from renting out a property, or from other untaxed sources such as tips or commission
  • Income was earned abroad
  • Earned a UK income whilst living abroad
  • If you have been told by HMRC that you didn’t pay enough tax in the previous tax year (and this hasn’t been done through your tax code)
  • If you filed a self-assessment tax return last year (unless HRMC have told you that you don’t need to

Remember to register for your tax return

To file your self-assessment, you’ll need to register first. Although the deadline for this was October 2020, you’ll generally be okay doing this now if you haven’t already. You’ll need to do this ASAP though as it can sometimes take up to 10 working days to get your reference number.

You can register on the Government’s website.

Recover an old log in

If you have registered before but don’t remember your login details, you can retrieve your ID if you normally log in with the Government Gateway.

If you log in using the GOV.uk Verify method and you forget your details, you’ll need to contact the provider that you use to log in, such as the Post Office, Barclays or Experian. You can find more information about GOV.uk Verify on the GOV.uk website

What if I need some advice about my tax return?

If you need and advice with your self-assessment tax return, our team at Makinson & Co can help. We have extensive experience in helping a range of clients with their tax returns. We know that it can be stressful trying to submit it on time. This makes it even harder to make sure it’s perfect, which is extremely important. If you need any help with your personal tax returns, contact us and we would be more than happy to assist you.