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Do you need to do a tax return?


This Friday (31st Jan) is the deadline for completing your online self-assessment tax return and HMRC estimates that up to 3 million people are yet to file theirs.

Whilst the majority of self-employed workers, freelancers and small business owners are aware that they need to complete a self-assessment tax return there may be some employed workers who are unaware that changes in their circumstances may now require them to submit one. For example, if an individual is paid over £50,000 by their employer and also claims child benefit they will need to file a tax return so HMRC can calculate the amount of extra income tax they must pay in order to repay a proportion of their child benefit.

If you aren't sure whether you need to submit a tax return I would encourage you to check via this tool on the government's website now. In order to submit an online tax return HMRC may need to send your registration details via the post which could delay you filing your tax return and possibly result in a fine for late submission.
Enjoy this week's newsletter.

Damien Fahy
MoneytotheMasses.com founder




Damien Fahy & MoneytotheMasses are regularly quoted in the national press including
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