The self assessment tax return deadline

Everything you need to know about the upcoming tax return deadline

As the self assessment tax return deadline for 2019 is looming, you may have some questions about what this all means, how and if it affects you at all. The subject of taxes can be a daunting and confusing one (in fact, nearly 750,000 people missed the tax return deadline in 2018). Therefore, we’ve decided to compile a straightforward guide explaining everything you need to know about the upcoming deadline.

What is a tax return?

A tax return is a form that is submitted to HM Revenue and Customs (HMRC) on a yearly basis that shows the details of your taxable income. From the figures on the form, it is worked out by the government how much tax you owe – if any. A tax return can be filled in by an individual or a company/partnership as a whole. You can also use this form to claim back a tax rebate if you have overpaid your tax.

When is the deadline?

For the tax year April 6th 2017 to April 5th 2018, the self assessment deadline for online tax returns is on Thursday 31st January 2019. You’ll need to fill in your tax return and pay your bill by this date, or you could receive a £100 fine. If you still haven’t filed your tax return three months after this date, you’ll be fined a further £10 per day, and this continuous fine can amount to up to £900! So, this is certainly not something you want to leave to the last minute.

Who has to send a tax return?

You’ll have to a send a tax return during the last tax year if you are:

  • Self-employed as a ‘sole trader’ and earned more than £1,000, or
  • A partner in a business partnership

Usually, you won’t have to fill out a tax return if the only income you receive is from your wages or pension. However, you will need to send a return if you have received any other untaxed income – whether this be from tips/commission, income from savings or foreign income.

What about CIS tax refunds?

If you work in construction, you may be able to claim a tax refund through the Construction Industry Scheme (CIS). If you are subcontracted by a contractor, you would have had CIS deductions taken as advance payments towards your tax and national insurance, which are passed on to HMRC. At the end of the tax year, you can work out whether you have overpaid any CIS deductions and claim the excess back as a refund.

How do I file a tax return and claim a CIS refund?

If this is the first year that you are sending a tax return, you will need to register. There are different ways in which to register depending on whether you are self employed or a sole trader, not self-employed or registering as a partner or partnership. You will then be sent a letter with an online activation code, which you will need to set up your account. This will also contain your 10 digit Unique Taxpayer Reference number, which you will need to submit your tax return. This can take up to 10 working days to arrive, so make sure to leave enough time before the deadline to register.

If you have already registered, make sure you have your UTR number at the ready, as you will need this to send your return. To submit your tax return, you can log on to the Government Gateway and fill out the form online. Alternatively, you can fill in and submit a paper tax return that you receive in the post. However, the deadline for paper tax returns was 31st October 2018, so you won’t be able to do this for tax returns for the last tax year. Once you have submitted your tax return, you can also claim any CIS tax refunds you are owed through the government website.

Do I have to do it myself?

It may be the case that you don’t have time to fill out your tax return, or simply don’t feel comfortable doing it yourself. After all, taxes are not everybody’s forte. Thankfully, there are third-party companies who can give you a helping hand with all the complicated paperwork. Our friends over at IN-SYNC Tax are expert tax advisors who will take care of your tax return for you and give you year round support on any tax related queries you may have.

IN-SYNC Tax have also helped many construction workers claim CIS tax refunds, with an average refunded amount of £2,300. You can even work out how much you may be entitled to yourself by using their handy CIS tax refund calculator. If the prospect of filling out your tax return is filling you with dread, then look no further.

This January we expect that many of our users on the Grafter network will be filling out their tax return forms. If this is something you are struggling with, then why not contact our friendly tax gurus over at IN-SYNC Tax. Let them deal with the complicated stuff and help you get the best out of your CIS tax refunds.