The tax return deadline for the submission of your 2013 tax returns is 31st January 2014. If you are reading this prior to that date, have received a notice to submit a tax return and have not yet done so then you need to act fast. If you need to submit a tax return and do not do so by the due date then there are automatic penalties starting at £100 and rising to £1,500 after 12 months.
However, you might not actually need to complete a tax return, and in these circumstances you can call HMRC and ask for it to be cancelled. The most common reasons for needing to fill in a tax return are:
- If you have started your own business
- If you are self-employed, even if you make a loss or if it’s your final year of trading
- If you have expenses to claim in excess of £2,500
- If you are a company director, minister of religion (any faith), Lloyds name or member
- If your annual income is £100,000 or more
- If you or your partner receives Child Benefit and your income is over £50,000
- If you have income from savings, investment or property as follows:
- £10,000 or more from taxed savings and investments
- £2,500 or more from untaxed savings and investments
- £10,000 or more from property (before deducting allowable expenses)
- £2,500 or more from property (after deducting allowable expenses)
If you don’t pay tax through a PAYE code you will need to complete a Tax Return if all of the following apply:
- You have income to declare, for example income from savings, trusts or abroad, rental income from land or property
- Your total income exceeds your total allowances and reliefs
- You have tax to pay on this income
If none of the above apply then give the tax office a call. You may be able to get the return cancelled even at this late date!