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Where Taxpayers and Advisers Meet

Assessment deadline

Macusr1
Posts:1
Joined:Mon Jun 11, 2018 7:46 pm
Assessment deadline

Postby Macusr1 » Mon Jun 11, 2018 7:56 pm

Hi there, hopefully someone can clear something up for me and thank you in advance for your time. If a sole trader registers with HMRC in January 2018 when would there self assessment deadline be. Would it be the 31st jan or??? Sorry if it’s a basic question but the matter was raised in conversation with some friends and I’m concerned he may be setting himself up for a tax headache down the road.

robbob
Posts:3228
Joined:Wed Aug 06, 2008 4:01 pm

Re: Assessment deadline

Postby robbob » Tue Jun 12, 2018 9:23 am

There is normally 3 months (give or take a few days) given to file the return to avoid the late filing penalty.
However it is vital that the individual pays all taxes by the original payment due date to avoid the possibility of additional tax relates penalties/surcharges - if in doubt overpay and reclaim refund back later when return has been agreed.

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Assessment deadline

Postby bd6759 » Tue Jun 12, 2018 9:31 am

It depends when the trade started.

A person has until 5 October after the end of the year (the year ends on 5 April) to tell HMRC that they are liable to tax.

If notice to file a return is given, the tax return must be submitted by either 31 January following the end of the year or 3 months after notice is given, whichever is later.


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