HMRC use self-assessment to collect tax from those people who own a business or receive income outside of formal employment.
The deadline for online submission, which is etched on most people’s minds who have to do this, is 31 January 2018.
Getting on with it as early as you can, is definitely a good idea to keep stress levels to a minimum. The penalty is £100 if your return is up to 3 months late, then it goes up further after that period.
Our ‘Online self-assessment’ guide will help you understand the process, how to register, how to file your tax return, what financial records you’ll need to hand and the deadlines.