The January 31 tax deadline and what it means for you

If you are one of the six million people who have yet to send in your tax return and are obliged to do so, then you now have two weeks to complete it, file it with Her Majesty’s Revenue and Customs and pay any tax that you owe. If you don’t meet this tax deadline, then you must pay a £100 fine and may face other penalties. Last year, nearly 900,000 taxpayers missed the deadline for filing their 2014/15 return and had to pay the fine. With so many returns still outstanding, it’s a fair bet that the figure is likely to be similar or higher this time around. Who must file a tax return? You must file a tax return If, during the tax year that ended on April 5, 2016 you were: Self employed Received more than £2,500 in untaxed income (this might have come from a rental property) You or your partner’s income was more than £50,000 and you claimed child benefit You sold shares, a second home or other items which netted you enough profit to warrant capital gains tax You are a higher r


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