The deadline for filing your Self-Assessment returns is looming and our team members in Hemel Hempstead know just how important it is to be prepared.
The Self-Assessment system was introduced into the UK for the first time in 1996/1997. Now in its 24th year, the form has stayed much the same, reflecting tax changes as they are implemented, but the customary January 31st filing deadline consistently poses a challenge for the tax-payer to meet, with penalties often being charged if the tax return is not filed on time.
Director Graham Booth of our Hemel Hempstead office gives his latest tips and advice on how to ensure you’re fully prepared for the 31st.
So Why File On Time To Meet The Deadline?
Be aware of your tax position. The January 31st filing is also the deadline for payment of any tax you owe for the tax year that you are filing for and the due date for potential ‘payments on account’ towards the next tax year liabilities. The sooner you are aware of your tax position, the easier it is to budget for.
Penalties. Penalties are not limited to the £100 late filing penalty for not meeting the deadline. If the return is not filed soon after the deadline, further penalties can be levied, with daily penalties a possibility and soon that £100 can become £1,000, which is somewhat more painful.
Interest and surcharges. If you file close to the deadline and are unable to meet your liabilities on the due date, late payment interest will be applied, and this can lead to further surcharges if the liabilities remain outstanding for a longer period.
Ignore HMRC Request At Your Peril
You might feel that you should not need to be completing a Self-Assessment return at all if your circumstances have changed, for example a move from self-employment to employment. But if you have been issued with a notice to complete a return, don’t ignore it; HM Revenue & Customs will be expecting that return to be filed.
We can check your circumstances to see if you should be filing and, if appropriate, advise you on how you can be removed from the system. Even if it works out that you don’t owe any tax, if the return has been issued, it needs to be filed; no tax to pay no longer matters and penalties can still be charged.
Let Us Help
Out staff are qualified and very experienced having worked with clients in the Self-Assessment system since it started. We can advise on what needs filing, your tax position, current and for the future, and make sure you are claiming all deductions and relief that you might be entitled to, minimising your tax bill where possible.
If you are self-employed, a director or have investment income, we can help you.
In January we will be running two surgery sessions to discuss and offer advice on any last-minute filing queries or problems and guide you further. These will be 45-minute no obligation consultations by appointment only. The dates available are dates Friday January 17th and Saturday 18th.
Can’t make the above dates? There’s no need to panic. Call us on 01442 503901 to let us know what date suits you best before the 31st, and we will try our very best to fit you in.