Tax Return Time

January... a time for breaking New Year's resolutions, curling up in front of the fire with a hot chocolate, and looking forward to a time when you don't need to spend 15 minutes de-icing the car before you can drive to work. It is also the time when your thoughts need to turn to tax. In the UK, unless you chose to submit your tax return on paper, the deadline for submission AND for payment of income taxes is 31 January every year. If it is the first year that you need to submit a self assessment, you will not only have to register for self assessment (which can take weeks), but you will also need to pay not only the tax due for the previous tax year, but half the tax due for the current tax year too... a cash flow disaster for some. So by all means do snuggle up and drink that hot chocolate, but also remember to start thinking about your self-assessment return, and make the necessary arrangements now- to avoid the £100 flat fine if the return is any later than midnight on 31 January 2019.

HMRC guidance on Self Assessment