Self-assessment tax return deadline – Jan ’18

Self-assessment tax return deadline – Jan ’18

Dec 12, 2017

When the Christmas festivities are over for another year there’s an important date just around the corner – the deadline for filing a Self-Assessment Tax Return.

Tax Returns must be made – and paid – by midnight on 31st January to HMRC. Late filing and payment of your Self-Assessment Tax Return results in heavy penalties, so it’s important that you understand what you have to pay and when it is due.

Tax and umbrella company contractors

If you are an umbrella employee working for Umbrella Plus your income tax deductions will have been made throughout the year via PAYE, so you will only need to make a self-assessment tax return if you have had an income from other sources, such as a rental property. (You can check whether you need to pay additional income tax by viewing the who must send a return page on the HMRC website.)

Limited company contractors

If you are a limited company contractor and we handle your accounts, we will work out what you have to pay, and we will make the submission on your behalf.

Most contractors want to extract profits from their limited company or personal service company as tax efficiently as possible, typically taking a low salary and higher dividends.

Remember, your tax liability for 2016/17 takes into account the fact that dividends over £5,000 are subject to tax depending on what Income Tax band you fall in to – that’s 7.5% for basic rate tax payers and 32.5% for higher rate tax payers.

What to do next

We will already have been in touch to complete your Self-Assessment Tax Return, so you should already know how much you will need to pay in January. We will prepare and file for you, advising how to make the payment to HMRC before January 31st.

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