The deadline for filing your self-assessment tax return is 31 January. You can submit your return either online or by post. This form requires you to report your earnings and tax-deductible expenses from the previous tax year. This form should be filled out accurately and fairly, as mistakes can lead to an investigation by HMRC. If you’ve not filed your self-assessment tax return before, there are some simple steps you can take to avoid making common mistakes.
How to File Your Self-Assessment Tax Return
If you don’t file your self-assessment tax return on time, you can expect to incur a PS300 penalty for filing late. In some cases, this penalty could be as high as 100% of the tax you owe. As a result, you may be unable to make your Self Assessment payment on time. If this happens to you, consider using an online tax return software to complete your filing.
When filing your self-assessment tax return, it’s important to make sure that the information is correct and that all the required information is included. You can provide estimates and amend your figures later. You can also submit your self-assessment online using the HMRC portal. Make sure to keep track of the confirmation number. Then, fill in the form and submit it through the portal. If you have questions, contact the HMRC’s website.
If you’re a PAYE scheme taxpayer, you can use an online service to file your self-assessment tax return. HMRC accepts evidence submitted in FreshBooks as evidence. The filing deadline for all self-assessment tax returns is the same each year. Unless you’re a PAYE scheme taxpayer, you must submit your return on time by 31 January 2023.