31/01/2016 Tax Deadline


What’s the January Tax Deadline?
The 31/1/16 deadline is the very latest you can submit your 2015 personal tax return to the HMRC without getting a penalty. The penalties start at £100 for being a day late, then rise to £1600 for being a full year late.

Note: Even if you had no tax to pay, these penalties still accrue if you file late.

How do I know if i need to File a Return?
If you have forms of income that don’t get taxed through the Pay As You Earn (PAYE) process then you tend to get pulled into the Self Assessment system and must therefore file a tax return each year ending 5th April.
You’ll need to file a return if:

• You’re self-employed, a business partner, or director of a limited company.
• You’re an employee or pensioner with an annual income of £100,000 or more.
• You have a pre-tax investment income of £10,000 or more.
• You’re a trustee or representative of someone who has died.

If you’re not sure whether you fall into any of those categories do ask us and we’ll be pleased to give you some guidance on it.

Must I File a Return This Year?
If you had Self Assessment income (see above) during the year 6/04/14 to 5/04/15, then you need to file a 2015 tax return.

So if for instance you started self employment in June 2015 then your first tax return would be next year, the 2016 tax year (6/04/15 to 5/04/16)

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