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Self Assessment deadline reminder! Second payment due end of July

by Kobus Van den Bergh | Jul 25, 2018
  • If you’re a contractor in the UK, you probably know all about the often-dreaded Self Assessment tax return. Anyone who receives income from a source other than usual employee wages, pensions and savings needs to file a Self Assessment tax return. If your 2016-17 tax liability was over £1000, you would be required to make pre-payments, called “payments on account” against your 2017-18 Self Assessment return. The second payment on account is due at the end of this month, and failing to pay it can result in some pretty heavy penalties.

    The second payment deadline is approaching

    You would have made the first payment on account toward your 2017-18 tax bill on 31 January this year together with your 2016-17 tax liability payment. The deadline for the second payment on account for your Self Assessment is 31 July 2018, which is around the corner. If you still have tax to pay after you’ve made this second payment, you must make a “balancing payment” by midnight on 31 January next year. Ensuring that you are paying the right amount of tax is vitally important, because if you underpay, you will be charged interest on the amount you owe.

    If you are six months late on any of your Self Assessment payments, you are charged 5% interest on the tax owing on that day, and if you are 12 months late, you are charged a further 5% interest on the tax owing on that day. If you miss the deadline to submit your actual Self Assessment tax return (31 January each year), you will be charged a penalty of £100, and if it’s more than three months late, you could be charged an extra £10 a day.

    HMRC doesn’t mess around when it comes to penalties and fines, so it’s wise to have reminders in place for all important deadlines and submissions. If you have an accountant who assists you with your tax, you don’t have to worry, as they will remind you of all impending deadlines and ensure all of your payments and returns are done on time.

    See also: Don't overpay on your tax! Make sure you're on the right tax code

    A Self Assessment refresher

    Over 10 million people in the UK need to file a personal tax return every year. Self Assessment is generally associated with contractors and other self-employed individuals, but there are many different circumstances that require you to submit a Self Assessment tax return. You will need to complete a Self Assessment tax return if:

    • You are self-employed
    • You are a company director
    • You have an annual income of £100,000 or more
    • You have income from savings, investment or property (unless collected by PAYE)
    • You receive income from overseas
    • You have income from trusts, settlements and estates
    • You have Capital Gains Tax to pay

    As you can see, a lot of people need to file this return. If any of the above apply to you and you’ve never sent a tax return before, you need to register with HMRC first. There are different ways to register depending on whether you’re self-employed, not self-employed or registering a partner or partnership. The registration process can take up to 20 days, so make sure you allow enough time between registration and the submission deadline.

    To file the return, the assistance of a professional accountant will help avoid errors and ensure peace of mind, instead of attempting to go it alone. Some of the documents you need to fill out your tax return are:

    • A P60 from your employer if you have one
    • A P45 if you have left a job in the current tax year
    • A P11D or P9D which shows benefits and expenses
    • A summary of rental income and expense
    • Savings and investment statements
    • Documents detailing your self-employment income, including all receipts and bank statements

    Have a question about your Self Assessment tax return?

    Ease the tax burden 

    If you’re new to this system, it can be incredibly daunting. Never ending filing deadlines and penalties around every corner create unnecessary stress. It is possible to complete and file your Self Assessment tax return on your own, but it’s a time-consuming and finicky process.

    Unless you are familiar with UK income tax as it applies to individuals, especially those with multiple sources of income, let us remove the stress from your return. Our team of expert accountants can make the process as stress-free as possible, so that you can focus on your career with the peace of mind that your tax affairs are perfectly in order.

    Our expert contractor accountants are available to assist you with any questions or concerns you might have about Self Assessment. Simply send us an email on to get in touch.

    We are a professional services company that specialises in cross-border financial and immigration advice and solutions.

    Our teams in the UK, South Africa and Australia can ensure that when you decide to move overseas, invest offshore or expand your business internationally, you’ll do so with the backing of experienced local experts.

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