Did you receive a brown envelope these days?
If you did, probably it’s a letter from HMRC asking you to submit your tax return!
You’ve got until January 18 to submit it. But why not do it earlier?
You’ll need to send a tax return if, in the last tax year:
- you were self-employed
- you got £2,500 or more in untaxed income, for example from tips or renting out a property
- your income from savings or investments was £10,000 or more before tax
- your income from dividends from shares was £10,000 or more before tax
- you made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax
- you were a company director – unless it was for a non-profit organisation (such as a charity) and you didn’t get any pay or benefits, like a company car
- your income (or your partner’s) was over £50,000 and one of you claimed Child Benefit
- you had income from abroad that you needed to pay tax on
- you lived abroad and had a UK income
- your income was over £100,000
- you were a trustee of a trust or registered pension scheme
- you had a P800 from HMRC saying you didn’t pay enough tax last year – and you didn’t pay what you owe through your tax code or with a voluntary payment
HM Revenue and Customs (HMRC) must receive your tax return and any money you owe by the deadline specified in table below:
The last tax year started on 6 April 2016 and ended on 5 April 2017.
|Register for Self Assessment if you’re self-employed or a sole trader, not self-employed, or registering a partner or partnership||5 October 2017|
|Paper tax returns||Midnight 31 October 2017|
|Online tax returns||Midnight 31 January 2018|
|Pay the tax you owe||Midnight 31 January 2018|
You’ll get a penalty of £100 if your tax return is up to 3 months late. You’ll have to pay more if it’s later, or if you pay your tax bill late.
Do not forget to keep records of your income and business expenses.
Costs you can claim as allowable expenses:
- office costs, eg stationery or phone bills
- travel costs, eg fuel, parking, train or bus fares
- clothing expenses, eg uniforms
- staff costs, eg salaries or subcontractor costs
- things you buy to sell on, eg stock or raw materials
- financial costs, eg insurance or bank charges
- costs of your business premises, eg heating, lighting, business rates
- advertising or marketing, eg website costs
Costs you can claim as capital allowances
- business vehicles, eg cars, vans, lorries