Your Self Assessment Tax Return and Why Not To Miss The Deadline
Posted on 16th January 2020 at 06:58
Your Self-Assessment Tax Return deadline is due, and in a bizarre set of circumstances, it’s potentially a race to ensure that you have it successfully submitted before the chime of Big Ben strikes on January 31st.
Regardless of which side of the Brexit fence you sit, one thing we can all agree on is that submitting a Self-Assessment Tax Return can be a stressful ordeal, but it doesn’t have to be. With only two weeks to go until the January 31st deadline, there is still time to submit your return long before the inevitable last minute rush.
According to HMRC, despite a record 3003 people submitted their returns on Christmas Day, there are still approximately 5 million submissions yet to be sent. So if you’re one of the 5 million still waiting, this article is for you.
When is it due?
Your Self-Assessment Tax Return is due by midnight on January 31st 2020.
What if I miss the deadline?
Regardless of whether you have tax to pay or not, if you miss the submission deadline you will receive an immediate £100 fine. This can then potentially rise by£10 every day (up to a maximum of £900) until the submission is made and both the tax and fees are paid.
What if I make a mistake?
It’s easy to make mistakes, especially with the time pressures involved, however it’s best to take time to avoid this if possible. Likewise, submitting a knowingly incorrect return just to avoid the late filing penalty is also not a good idea as there are potential fines for incorrect submissions and amendments.
Where do I start?
Firstly, it is recommended to collect your financial records, which will include bank statements, receipts, invoices and anything else which may provide evidence of your financial transactions through the 2018/19 term.
Following this you will need to do the same for your expenses, collecting any evidence of your expenses through the year which could potentially help lower your tax due through tax breaks.
Finally, once you have everything collected, this information needs to all be submitted online to HMRC via an electronic submission (paper submissions are no longer accepted) utilising compatible software such as Xero Tax. Keep in mind that with 5 million people still to submit their returns, the servers are bound to be running slowly and thus making the process a little more difficult with each day closer to the deadline we get.
I need a little help.
That’s where we come in. Whether you have yet to submit your return or have already submitted your return but are not 100% confident that it has been completed correctly, the team at Moulds & Co is here to help. If you’re not confident with your Self-Assessment Tax Return, Moulds & Co can help with all aspects of your Self-Assessment including filing accurate returns on your behalf.
How we can help
If you are yet to start thinking about your Self-Assessment Tax Return then now is the time to begin. To speak to a member of the Moulds & Co Accountants team today, and get the first big task of 2020 underway, call 01937 584188 to hear how we can help.
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