Your 3 Month Warning to Online Self Assessment Deadline

HMRC has issued a warning, reminding people to complete their self assessment tax returns early.

The deadline for filling paper based self assessment returns is just 3 days away and only 3 months to go before the online deadline 31^st January 2021.

You are required to complete a self assessment tax return if you:

• Have an annual income of over £100,000
• Are an employee claiming expenses in excess of £2,500
• Are a self employed sole trader whose annual turnover is over £1,000
• Have received more than £2,500 in other untaxed income, for example from tips
• Have earned income from abroad that you need to pay tax on
• Have earned more than £2,500 from renting out property
• Have received or your partner has received Child Benefit and either of you had an annual income of more than £50,000

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Make sure you prepare early.  We are here to help you when needed and HMRC also offers help and support for those who need it to complete their tax returns.

If you miss the deadline you face a minimum penalty of £100 with further penalties added thereafter.