Don't slip-up on Self Assessment
If you're one of the 11 million-plus UK taxpayers who needs to fill out a Self Assessment tax form, the date January 31 should be fixed firmly in your mind. If it's not, here's a gentle nudge – YOUR SELF ASSESSMENT TAX FORM IS DUE THIS MONTH!
Despite the regular reminders from HMRC, every year hundreds of thousands of people file their return after the deadline, incurring an automatic £100 fixed fine, with further financial penalties if the return is still outstanding after three months.
Here at Perrys Chartered Accountants, frantic form-filling and last-minute panics are not our style. We aim to work with clients throughout the year to ensure that all paperwork is completed in time, and with meticulous attention to detail.
However, it's the nature of business that the best-laid plans can go awry, especially for self-employed traders who are particularly busy over the Christmas period.
Our built-in flexibility means we can work with clients to complete all outstanding paperwork even if the timescale is limited.
If you've never filed a tax return online before, the date January 31 is actually a little misleading. You need to register with HMRC Online Services and receive your Unique Tax Reference (UTR) number through the post before you can get started with the online return. HMRC advises that it can take up to seven working days to receive the UTR number, and up to 21 days if you're living abroad. So don't delay, and apply for that code right now!
While you're waiting, gather together all the elements you'll need to complete the return, including business accounts, expenses receipts, details of bank interest payments, charity donations etc. While you might be confident enough to complete the form yourself, many people choose to employ an accountant for extra peace of mind.
Don't forget that depending on your source of income, you may be able to claim relief on your accountancy fees and offset them against your tax liability.
A reminder too that the ways to pay your tax bill have changed. Read our blog of December 11 for further details.
To speak to us about Self Assessment, or any other accountancy issues, don't hesitate to get in touch via our contact page.