It’s that time of year again – it’s nearly Christmas and you’re probably getting ready to wind down for the end of the year. But…are you ready for the upcoming self assessment deadline?
Far too many businesses find themselves caught out as the deadline looms after the Christmas break.
So when’s the deadline?
The deadline for online returns is midnight on the 31st of January, which means there is not much time left! Don’t leave it until the last minute! If you haven’t already done so, we need your records as soon as possible in order to be able to submit your tax return on time. The penalty for late submission is a £100 fine, plus possible subsequent fines of £10 per day.
Although HMRC does recognise exceptional circumstances for late submissions, “Goats ate my Accounts” is not one of them. Every year government authorities release lists of the most bizarre excuses for late accounts.
Take a look at some of them here
All tax which is due for the last tax year must be paid by 31st January
You may have been very organised and submitted your return earlier this year, however, you may not have paid your bill. Any tax which is owed must also be paid by 31st January, or you will accrue interest on the amount due. You could also be due a refund It’s not just the tax owed that is due by the 31st January, your self assessment also calculates any tax which you may have overpaid. This may well result in a nice treat to cheer you up in January.
Do yourself a favour – in future let K.A.Farr & Co. do all the hard work!
This is a problem for anyone who has to complete a self assessment tax return, and for self-employed people and small businesses around the UK. Although they haven’t missed the deadline, they now find themselves without enough time to get the assessment done properly and this can be stressful. Next year why not use us to help you complete your accounts and tax returns on a timely basis, we will remind you when to provide us with the relevant information we need. This way you will also know your tax liabilities earlier allowing you more time to plan, with no nasty shocks!
Self-assessment returns can be a real headache, that’s why so many of our clients use us to complete them. We can complete your self-assessment for you, and make sure it’s correct and submitted on time.
To find out more about self-assessment and our other services, get in touch today
You can call us on 01704 211 434 or email us at email@example.com
We’ll be happy to chat and let you know how we can help