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With the deadline for filling out the Self-Assessment Tax Return around the corner, most of the taxpayers around the UK are trying to put their documents together. However, every year a number of self-employed workers end up paying a £100 penalty for a mistake they make. We’re sure you can think of some better ways what to do with this money, so read our blog post and don’t repeat this common mistake!

The Self Assessment Tax Return deadline for the last tax year (April 6, 2018 to April 5, 2019) falls on January 31, 2020. However, not everyone manages to submit it on time: some fail to do it because they forget about it or they lack time management skills, but there is a big group of taxpayers that doesn't do it on time as they don’t know that they have to!

According to the HMRC data, out of the 700,000 people who failed to complete their return on time last year, around 250,000 of them did not owe any tax.

The common misconception here is that if you don’t owe tax to HMRC, then you don’t have to submit the Tax Return. It couldn’t be further from reality.

If you belong to the group of taxpayers who have to complete the tax return, you must do it even if you don’t owe any tax to HMRC!

Make sure to check if the Tax Return is obligatory for you and if that’s the case – do it on time as if you miss the deadline just by a day, HMRC will immediately fine you by £100.