Who needs to fill out a self-assessment?
People who need to fill out a self-assessment as part of paying their tax bill include:
- Self-employed individuals earning more £1,000 a year
- Partners in a business partnership
- Individuals with a taxable income above £150,000
- Any individual who has had to pay Capital Gains Tax
- Any individuals required to pay the High-Income Child Benefit Charge
Failure to do so can result in tax penalties. Most individuals who work for a business will pay their income tax via PAYE. Therefore, they do not need to be registering for self-assessment.
What is the self-assessment deadlines?
Key Deadlines
- Paper returns: Midnight on 31 October 2024 – Not that you would need this with J Sweeney Accountants as everything is completed online
- Online returns: Midnight on 31 January 2025
- Payment of tax owed: Midnight on 31 January 2025
Additional Important Dates
- Registering for Self Assessment: 5 October 2024 (if you haven’t filed a return before)
- Requesting HMRC to collect tax through PAYE: 30 December 2024
What payment penalties are there for missing the deadline?
If someone submits a tax return late or makes a payment late, they face a £100 fine. These self-assessment late payment penalties can increase if a payment is over three months late.
What is the punishment for not declaring income?
Not declaring the correct income can result in heavy fines and even prison time in severe cases. Not declaring income that should be taxed amounts to fraud, so charges can be brought for tax evasion or fraud. Another good reason to get J Sweeney Accountants to do this for you.
Benefits of Using an Accountant
Expertise: Accountants are well-versed in tax laws and can ensure your return is accurate and compliant.
Time-saving: They can handle the paperwork and calculations, freeing up your time.
Potential savings: Their knowledge may help identify deductions or credits you might have missed.
To make sure you avoid any tax penalties this self-assessment season, get in touch with J Sweeney Accountants. Our experienced tax experts will help you navigate the tax system effectively. Call us on 01604 950034 or email [email protected].
