31st January is the Self Assessment (SA) deadline, but did you know that you may need to complete a SA if your employed and in receipt of expenses? If you receive over £2,500 in expenses per year, you need to submit a self assessment for that financial year.
Recent research by RIFT Tax Refunds revealed that 33% of workers didn't realise this. The research also revealed that the most common reasons for expenses reimbursement being Travel (43%), food and drink (18%), clothing or uniforms (11%), and accommodation (8%). A whopping 38% didn't even know when the SA deadline was!
Missing the deadline can be expensive with an initial £100 fine, which increases after 30 days, 3 months and 12 months.
RIFT states that the most common reason for people missing the deadline is that the PAYE worker didn't realise that they needed to complete a SA in the first place!
It's always best to be a step ahead. If your in receipt of expenses over £2,500 per year then contact HMRC and get registered for Self Assessment.
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