Business

Don’t Forget! The Self-Assessment Tax Return Deadline is Looming

by akesha / last updated January 21, 2020

self-assessment tax return deadline is looming

The deadline for completing a 2018/2019 online tax return or paying any tax owed is midnight 31 January 2020. HMRC is warning of the steep rise in phishing attacks using self-assessment tax returns to trick victims into disclosing their bank account details, which are then drained of cash by fraudsters.

Hilary Hall, NHBF chief executive said, “As there are so many self-employed people working in the hair and beauty industries, most will have to complete a tax return. They are therefore vulnerable to tactics used by fraudsters. These include fake emails, texts or phone calls, usually offering you a fake tax rebate or threatening you with arrest or imprisonment if you don’t immediately pay a tax bill.”

She continues, “Never download attachments or click on links in texts or emails unless you are absolutely sure they are genuine. Also, look out for warning signs such as obvious spelling mistakes, poorly written messages, dodgy logos and suspicious email addresses, as these can take you to fake webpages which are set up to capture your bank account details. HMRC says it will never ask you for PINs, passwords or bank account details.”

Who needs to fill in a tax return?

Tax returns have to be filled in if:

• Your self-employment income was more than £1,000.
• Your untaxed income, e.g. from tips or commissions, was over £2,500.
• Your income from renting out property was over £2,500.
• You’re a director of a company (unless it’s a non-profit organisation such as a charity).

It’s crucial that the deadline is not missed, as you could be fined £100 for being up to three months late with your payment and will also be charged with interest.

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