TikTok to 31st January: Millions Still Need to File Self-Assessment

It’s the first month of the new year, a stressful time for UK Self-Assessment filers. With just 22 days left, HMRC has declared that millions of taxpayers still need to file self-assessments.

What happens if you miss the deadline? You could face a fine of £100 even if you don’t have to pay tax. If you delay further, you can have more penalties, so acting on time is necessary.

Thousands of UK individuals have already completed their tax returns, over 38 of which were filed on 31st December. All the other unfiled persons still have days until 31st January to file their returns.

Lockhart Amin Accountants can help you get sorted quickly if you are having trouble and want to avoid penalties.
Browse through the guide’s key sections or head straight to your area of interest.

• How Do You Know You Need to File a Tax Return?
• Do I Have to Face Penalty If I Miss the Deadline?
• Need Expert Assistance Filing Your Self Assessment Tax Return?

How Do You Know You Need to File a Tax Return?

Do you need to file for self-assessment? You may need to file it, so let us help you learn about it.
– Being self-employed if you earn more than £1000
– You earned £1000 and want to voluntarily pay Class 2 National Insurance Contributions to protect your State Pension.
– You are a new person in a business partnership.
– Your income from PAYE is £150,000
– If you and your partner earn £50,000, you must pay an income child benefit charge.

If you need to file for a self-assessment tax return, speak to our professional accountant.

Do I Have to Face Penalty If I Miss the Deadline?

Yes, it’s true; delaying your self-assessment filing could lead to penalties. Let’s look at what you will have to face.

• An instant penalty of £100 will be added.
• If three months pass, you will get a daily £10 penalty fine after the deadline.
• A 5% penalty on tax due or £300 after 6 months.
• A penalty of 5% or £300 will be added after 12 months.
• Late payment tax attracts penalties, so avoid it so you don’t have to pay an extra fine.

Need Expert Assistance Filing Your Self Assessment Tax Return?

Being an online accountant, we make filing your self-assessment easy, accurate and cost-effective.

Here’s what you can have with us

– Experts Assistance

Our experts make sure you file your accounts accurately.

– Filing Free Stress

We, as experts, know what to include and how to calculate the payments; we will handle it for you.

– Trust Worthy Services

With years of experience, we have helped various freelancers, Contractors and small business owners. We are the best partner for you.

– Minimise Your Tax Bill Smartly

Partnering with an accountant saves you time and money; they know how to handle your taxes smartly.