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Self Assessment and the deadlines

Added: Sunday 29th January 2012 09:09:50 AM

Self Assessment and the deadlines

We've all seen it on the TV and we all know we have to do it, so when Jay Thacker, HMRC Officer joined us at the EAVA FM Studios we got as much information about Self Assessment and the deadlines as we could so that we could pass the information on to you.

Self Assessment is for those that are self employed, a company director, receiving money from abroad, if you let property or are a Minister of religion. There are around 107,000 people that are involved with self assessment in Leicester alone.

The self assessment is a way of you paying your tax, most of us pays our income tax via our salary, as our employers work out how much tax we have to pay and then deduct it from our salaries. People who are self employed have to pay their tax in 3 lump sums.

Every year you have to fill out a tax return form so that your tax bill can be calculated. You need to provide details of your income for the last tax year; a tax return runs from 6th April until the next 5th April.

The deadline for paper returns has already gone as it was the 31st October, you can still register online, but be aware that it takes 10 days for you to get your pin, so if you haven't already done so

"Don't delay do it today." - Jay Thacker

Electronic returns you have until 31st January 2012.

If you have been made redundant and then become self employed you must also register online with Inland Revenue.

You will need to file your self assessment form online, by visiting www.hmrc.gov.uk and click on self assessment. If you follow the links it will tell you what you need to do. If you are late filling out your form then there will be a fixed penalty of £100 for missing the deadline.

From 2010 there have been penalties put in place so if:

After 3 months you haven't completed you're from you will be charged at £10 per day up to a maximum of £900.

After 6 months, there is a further penalty of 5% of the tax due or £300 which ever is greater and

After 12 months another 5% or £300. In serious cases the penalty could be up to 100% of the tax due.

Interest will also be charged on top of these penalties.

If you get stuck and want help filling out the form there is a helpline that is open 7 days a week and every evening.

The number to call is 0845 9000 444

Or again there is information available online at www.hmrc.gov.uk

If you get a letter saying that they haven't received you form and you have sent it, ring them and give them the code that you were given when you sent the form off.

Written by Annika Woodward & Uploaded by VZONE Multimedia