17 January 2019

The deadline for completing 2017/2018 online tax returns and paying any tax owed is midnight on 31 January 2019.  

Tax returns have to be filled in if:

  • Your self-employment income was more than £1,000
  • Your untaxed income eg from tips or commissions was over £2,500
  • Your income from renting out property was over £2,500
  • You’re a director of a company (unless it’s for a non-profit organisation such as a charity)

Do check with HMRC, a book-keeper or accountant if you aren’t sure whether or not you need to fill in a tax return.

Late tax returns can land you with a fine of £100 if you’re up to 3 months late, so it’s important not to miss the 31 January deadline.  There are also penalties for making late payments, including interest.

You need to report everything you’ve earned from 6 April 2017 to 5 April 2018.  This includes self-employment, income from property, interest and gains on savings and investments.  You can claim expenses but do take advice on which expenses you can claim.  If you’re self-employed, there are two ways of claiming expenses depending on whether your earnings are above or below £85,000.

Once you’ve submitted your return, you’ll be told how much tax you owe and, if you’re self-employed, the National Insurance Contributions you will need to pay.   If the amount of tax you owe is not what you were expecting, you should contact HMRC straight away. 

You may be able to set up a payment plan to pay in instalments, and also avoid penalties, so it’s important to contact HMRC Business Payment Support Services on 0300 200 3835 as soon as possible.

HMRC provides support on self-assessment returns including videos and webinars: