The deadline for filing the online Self- Assessment tax return for the tax year ending 5 April 2018 is midnight on 31st January 2019. There are other deadlines as well which tax-payers have to keep in mind so that unnecessary penalties won’t be incurred. A self-employed person or a person earning income from personal property will have to file their online tax return by 31st January of every year. Those who miss these deadlines will have to deal with fines and the worst part is, they keep piling up with delay.People have to be vigilant of this fact and pay off their taxes well before the deadline. Or they can take help of an accountancy outsourcing services provider to outsourced bookkeeping services and to take care of tax returns outsourcing.
The previous tax year ended on 5 April 2018. For any untaxed income earned during the 2017-18 accounting year, the deadline for filing Self-Assessment tax return is midnight of 31 January 2019. The next online deadline will creep around before anyone realizes, so it is important to be prepared with the dates. Here are some of the important dates:
If one continues earning untaxed income from 6th April 2018, it will fall into the category of the tax year 2018-19 which ends on 5th April 2018-19. The deadline for filing the 2018-19 Self-Assessment tax return will be midnight on 21 January 2020. Taxpayers should keep an eye on Making Tax Digital announcements in the case there are any developments.
Taxpayers should start thinking about their tax return as soon as they start earning money. It is a good idea to open a business bank account to keep personal and business accounts separate and to maintain receipts for all deductible expenses. Nowadays it has become much easier to use an app or an online spreadsheet to keep track of income earned. This will help with organization and make everything more streamlined when the time comes to file the tax return.