Personal Tax Returns

Who needs to do a PTR (Personal Tax Return)

Taxpayers who are self-employed must submit tax returns, as many individuals whose taxable savings income exceeds their saving allowance or taxable dividend income exceeds the dividend allowance. Taxpayers who have other untaxed income (for example property income) also have to file tax returns. Finally, any tax payer who has made a chargeable capital gain in the year, also has a duty to submit a tax return.

Notification of Changeability

If an individual becomes chargeable to income tax or capital gain tax for the first time, he has a duty to notify HMRC within 6 months of the end of the tax year in which he becomes chargeable.

For example, an individual who received dividend income on in tax year 2016/17, has until 5 October 2017 to notify to HMRC. In order to file a tax return you need to be registered for self assessment and must have a UTR or Unique Tax Identifier number. A self assessment registration form is submitted for a UTR no. However, it can take up to 6 weeks for a UTR number to be issued by HMRC.

Submission Deadlines

Submission Type Deadline
Paper Later of:

  • 31 October Following Tax Year
  • 3 Months after Notice to File
  • 2 Months if HMRC is to calculate tax
Electronic/Normal Filing
  • 31 January Following Tax Year
  • 3 Months After Notice to File
Tax payers with simple tax affairs can fill in a short tax return which has no self assessment

Penalties for late filing of Tax Return

Late Return Penalty
Initial Penalty £100

> 3 Months late Daily penalties (£10/day, max 90 days)
> 6 Months late 5% of liability to tax (or £300 if greater)
> 12 Months late Additional 5% of liability to tax (or £300 if greater)
Increased penalties apply if the withholding of information after 12 months is deliberate or deliberate and concealed.

Why Use Us?

Being fully-qualified Chartered Accountants means we’re experts at removing the work and stress that comes with Self- Assessment, deadlines, and penalties

Our specialist tax advisers will handle the entire tax return process, and even deal with HMRC on your behalf.

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