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Self Assessment Tax Returns 2017/18

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By HMRC

People need to complete a tax return if they:

  • earned more than £2,500 from renting out property
  • or their partner received Child Benefit and either of them had an annual income of more than £50,000
  • received more than £2,500 in other untaxed income, for example from tips or commission
  • are self-employed sole traders
  • are limited company directors
  • are shareholders
  • are employees claiming expenses in excess of £2,500
  • have an annual income over £100,000
  • earned income from abroad that they need to pay tax on

If customers completed a Self Assessment tax return last year but didn’t have any tax to pay, they still need to complete a 2017/18 tax return unless HMRC has written to them to say it is not required.

1. Self Assessment facts summary:

  • 11,564,363 million total SA returns due
  • 6,022,579 million returns received, as at 31 December 2018
  • 5,541,784 million returns still to file, as at 31 December 2018
  • 5,318,636 million returns, as at 31 December 2018, filed online (88% of total filed)
  • 703,943 million returns, as at 31 December 2018, filed on paper (12% of total filed)
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2.The penalties for late tax returns are:

  • an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time;
  • after 3 months, additional daily penalties of £10 per day, up to a maximum of £900;
  • after 6 months, a further penalty of 5% of the tax due or £300, whichever is greater; and
  • after 12 months, another 5% or £300 charge, whichever is greater.

There are also additional penalties for paying late of 5% of the tax unpaid at 30 days, 6 months      and 12 months.

3. Self Assessment guidance is available at - https://www.gov.uk/self-assessment-tax-returns

4. Tax is automatically deducted from the majority of UK taxpayers’ wages, pensions or savings. For people or businesses where tax is not automatically deducted, or when they may have earned additional untaxed income, they are required to complete a Self Assessment tax return each year.