It’s the Final Countdown
I hope you all had good Christmas and a Happy New Year… Here we are again, new year, new challenges. Now we are all back to normality let’s get down to the nitty gritty and deal with that self-assessment tax return deadline which is quickly approaching!
I am sure on top of everyone’s resolution list is to get their 2018 Tax Return submitted. Yes? The Deadline for filing your 2017/18 Self-Assessment Tax Return online is 31st January 2019.
If you were planning to send your Return on paper then unfortunately the deadline has been and gone (31st October 2018). Don’t worry, you can still avoid a penalty by contacting an accountant, like us for example, or using the Government Gateway to file electronically.
However, if you do file a paper return now, you will incur a £100 late filing penalty, even if the return is filed by 31st January 2019.
It is very important that this deadline is not missed as HM Revenue & Customs will issue an immediate late filing penalty of £100 to anyone who has not submitted on time. The longer you delay filing your tax return, the more you will have to pay, as further late-filing penalties kick in after three, six and twelve months. Even if your tax liability is Nil, a tax return will still need to be submitted by the deadline.
Last year over 740,000 people failed to get their Return submitted on time, which is a lot of £100’s that could have been put to better use.
Anyone who receives a self-assessment tax return from HMRC must complete and submit it as it is a legal obligation. If you have received a “Notice to Complete a Tax Return” and you are not sure what to do next speak to your advisor.
Busy Januarys are the norm for accountants and tax advisors, but we are always happy to lend a hand and avoid those penalties.
Kirsty has been with us since July 2017 and is currently studying for Level 3 AAT