Recent figures from Her Majesty’s Revenue and Customs (HMRC) show that over 93% of people who were required to submit a self–assessment tax return did so by the closing date of the 31st of January.
From those who completed on time, over 700,000 left it to the last minute by completing on the last possible day. Those who missed the deadline altogether faced an automatic fine of £100.
I am sure we have all viewed television programmes or read articles about getting your home decluttered and in order. Well, we need to do the same with our tax returns. Being organised will help your financial as well as your emotional wellbeing.
The chances are that if you are self-employed, a higher rate taxpayer or own rental property then you should be completing a tax return. The best way to find out is to go to the GOV.UK website.“Check if you need to send a Self-Assessment tax return” and complete the online assessment.
Although you have until 31st January to make your return you do not need to wait that long. Waiting a couple of months for up to date bank statements to come through is all that is needed. Remember, the sooner you start the more time you will have to find solutions to any problems you may come across.
Remember, submitting an early tax return will not affect the payment dates for your tax bill.
The sooner you complete and submit your self-assessment, the sooner HMRC will calculate how much you owe. When you know how much and when you have to pay it, you can start budgeting.
Above all, if you are worried about being able to pay your tax bill you should contact HMRC as soon as possible.
We are a firm of Independent Financial Advisers (IFA’s). This means that the financial advice we give is unbiased. We look at all the financial options open to you from “the whole of the market”.
As part of our role as financial planners, we will always be looking at ways to reduce your tax liability. This may be by using Individual Savings Accounts (ISA), or more complex Inheritance Tax Planning (IHT). Our expertise covers all aspects of financial planning including pensions, investments and mortgages.
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If you have any thoughts on this article, “Start now for next year’s tax return. Our top tips.”, then we would love to hear from you.