We have barely gone 3 weeks into the New Year and already the first dreaded deadline is upon us. Are you prepared or will you be paying a fine?
In the UK, 31 January 2019 is the Self Assessment tax deadline for filing your return for the 2017/18 tax year and for paying the first instalment of
Did you know that about two million people left it to the last two days before the deadline last year – that’s according to HMRC’s own data? So if you haven’t filed yours yet, you’re not alone.
If you do not have the exact figures to file your taxes; put in estimates – for now. You must, however, make the estimates as accurate as possible, and clarify on the form that the figures are estimates and not exact. Just don’t forget that you still need to supply the exact figures later.
You will need your P60 if you worked for an employer during the tax year. If you don’t have a P60 form, your March payslip will have much of the same information.
You need to declare the interest you received from your bank as well as the dividends you received from shares or similar investments. The same rule applies whether you received the dividends as cash or they were reinvested.
Remember you have just 14 days to file your taxes or you face an automatic £100 fine if you miss the deadline.Niyi Adeoshun
Money Management Coach
Author of "The Price of Financial Freedom"
(3 Essential Steps for Breaking the Cycle of Debt)