Are you self-employed? Are you late filing your 2018/19 Self-Assessment tax return? If so, now is the time to get Taxfile to sort it out for you.

There are 4 important reasons why you should file your tax return now:

1. Save money, with our special offer!

For a very limited time, we are offering to do 2018-19 Self-Assessment tax returns for self-employed Londoners for just £199 + VAT (our usual pricing is from £277 + VAT). That’s a saving of nearly £94 including VAT.

2. Stay eligible for Government Help during the lock-down

Self-employed people who are struggling financially during the coronavirus lock-down may be eligible for financial help from the Government. This is in the form of their recently announced Self-Employed Income Support Scheme (‘SEISS’). However, to remain eligible, you must have filed your 2018/19 Self-Assessment tax return by 23 April. If you missed that deadline, you will no longer be eligible for that Government assistance.

3. Avoid severe fines from HMRC for being so late

The original deadline for submission of your 2018/19 Self-Assessment tax return was actually 31 January 2020. So, if you didn’t already file your tax return by that date, you already owe HMRC a fine of £100 minimum. That’s nothing, though, compared to the penalties they will start charging you after April. From 1 May, you will owe an additional £10 per day, every day from that date if you still haven’t filed your 2018/19 tax return. So, for example, after a week you’ll owe the original £100 plus an additional £70 as a minimum, or the £100 plus a further £140 after two weeks and so on. You may also be charged interest on top of all of that if you owed HMRC a tax payment on the original 31 January deadline and still haven’t paid it.

4. You may be due a tax rebate

Some self-employed people may be due a tax rebate. This depends upon your income and expenditure during the financial year, of course. However, certain self-employed workers nearly always get a tax refund and these include sub-contractors working in the construction industry. If you are a construction worker who operates in the ‘Construction Industry Scheme’ (CIS), then it’s even more important to submit your tax return — so that you can get your tax refund! We can arrange this for you.

So, the main message is that you needed to file your tax return by 23 April to stay eligible for the Government help and before 30 April if you want to avoid the £10-a-day penalties starting in May.

Taxfile can help you file & submit your tax return & apply for any rebate

Contact Taxfile on 020 8761 8000 to get started and we’ll help make it all very easy and hassle-free. We’ll compute the figures, enter all the form entries for you and submit your tax return to HMRC electronically for you. Alternatively, use the form below and we’ll be back to you by return.