MSE News: Self-assessment deadline looming – don't miss the 31 January deadline

Former_MSE_Paloma

"If you don't file your return by the end of this month, you'll get a hefty £100 fine and pay interest on any tax owed ..."

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Self-assessment deadline looming – don't miss the 31 January deadline




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shortchanged_2

Well if my experience is anything to go by, good luck anyone trying to get tax reference number now. I applied for one online back in October and still haven't received one! Several phonecalls have acheived nothing.

I'm sorry to say but HMRC is out of its depth now.

It's all well and good HMRC threatening fines for late submissions when they can't even give you a simple number which you need in order to proceed. Ridiculous really. If my case is anything to go by no wonder tax revenues are down in the UK.

Spidernick

I presume you mean the Unique Taxpayer Reference (UTR) needed for on-line filing? Why did you wait so long to apply for this? Presumably you registered then due to the news in the media around the Child Benefit claw back?

If HMRC did not send you a tax return until October, then you may be able to paper file this month without penalty, but you'd need to check that. Better to keep chasing for the UTR perhaps, as on-line filing is so much easier.

Also bear in mind that, in addition to getting the UTR, you will also need to register for on-line filing via the HMRC Portal separately. When you register you will then be sent a code to use in the post (you cannot do anything until you receive this), so with just over three weeks to go until the deadline, you should factor this in and get your skates on!

shortchanged_2

Spidernick wrote: »

I presume you mean the Unique Taxpayer Reference (UTR) needed for on-line filing? Why did you wait so long to apply for this? Presumably you registered then due to the news in the media around the Child Benefit claw back?

If HMRC did not send you a tax return until October, then you may be able to paper file this month without penalty, but you'd need to check that. Better to keep chasing for the UTR perhaps, as on-line filing is so much easier.

Also bear in mind that, in addition to getting the UTR, you will also need to register for on-line filing via the HMRC Portal separately. When you register you will then be sent a code to use in the post (you cannot do anything until you receive this), so with just over three weeks to go until the deadline, you should factor this in and get your skates on!

No my registering then has nothing to do with child benefit.

I have already registered with the government portal months ago.

How can I get my skates on? I'm waiting for a number from HMRC that I cannot proceed any further without. I've been waiting months for it and nobody at HMRC seems able to be able to sort it out. So don't worry I will not be paying any fine as a late return would not be my fault.

I wonder if anyone else has had the same problem I've had?

mgdavid

shortchanged wrote: »

.... I'm waiting for a number from HMRC that I cannot proceed any further without....

if not the UTR, then what number?

Make-it-3

Think OP does mean UTR.

When he says registered with the portal I think it means registering for self assessment. Then you get your UTR, then you can get your gateway key and then you can do your return.

OP, this happened to my OH last tax year. Registered in August and took till December to get UTR. They did give him extra time to file, but then tried to fine him regardless saying that although he had extra time to file he should have still have paid his dues by 31 Jan (talk about putting the cart before the horse). Had to take to appeal to get them to see sense.

Hope you have kept the original email then sent when you registered as you will need this to prove you applied for UTR in good time.

afmfifgh

A family member of mine had interest on savings, paid gross and as their only income, in the 2012/13 tax year that was a little over the tax free allowance.

This had been missed by the family member so we contacted HMRC as it was about £40 in tax from memory that was due and no self assessment form had been submitted or tax paid.

When the error was noted in March this year we rang up HMRC and HMRC said that as it was such a small amount they wouldn't be pursuing it and told us to make notes of the call and they would do the same and they would be kept on file incase of future need/issues.

HMRC then said that if they earn over £10,000 in gross interest next tax year, 2013/14 then they would need to complete a self assessment form as tax would be due. But as this wasn't going to be the case HMRC said that it wasn't necessary to fill out a SA form. Though the family member was going to earn over £2,500 in gross interest.

However, upon reading the MSE story this thread relates to, it states "You have income from savings or investments that hasn't been taxed and is £2,500 or more (bank account interest is usually taxed automatically)" then you should contact HMRC to complete a SA tax return.

Have the rules changed? Were we told incorrectly by HMRC in March? What should we do now? Obviously they haven't registered for anything as they didn't think they needed to. Will they be fined?

Any advice would be most welcome as there isn't long to rectify the situation before the deadline.

shortchanged_2

mgdavid wrote: »

if not the UTR, then what number?

I have never received my activation code.

100saving

Hello,
Can someone help me out, I got my first BTL property in July 2014 and started renting it in August 2014 for £925 a month.
When should I start paying Tax on the profit?
At the moment all the profit which is about £400 a month sits in a bank account I have just for the BTL property.

Spidernick

100saving wrote: »

Hello,
Can someone help me out, I got my first BTL property in July 2014 and started renting it in August 2014 for £925 a month.
When should I start paying Tax on the profit?
At the moment all the profit which is about £400 a month sits in a bank account I have just for the BTL property.

Well, that's the 14/15 year, so you'll need to register for Self Assessment for that year, if you haven't already and complete the 14/15 return by 31 January 2016 (assuming you e-file) and pay the 14/15 tax due by then as well.

quietriot

afmfifgh wrote: »

HMRC then said that if they earn over £10,000 in gross interest next tax year, 2013/14 then they would need to complete a self assessment form as tax would be due. But as this wasn't going to be the case HMRC said that it wasn't necessary to fill out a SA form. Though the family member was going to earn over £2,500 in gross interest.

However, upon reading the MSE story this thread relates to, it states "You have income from savings or investments that hasn't been taxed and is £2,500 or more (bank account interest is usually taxed automatically)" then you should contact HMRC to complete a SA tax return.

HMRC policy is that you'll have to complete a self assessment return if you have more than £2500 untaxed interest, or if the taxed interest is more than £10,000 gross.