Make Filing Your Tax Return Quicker and Easier
With the year coming to an end, it’s almost time for the procedure that many sole traders and business owners dread – the self assessment tax return! Whilst the deadline for paper submissions is long gone, the deadline for online returns is looming, and those needing to submit a return can be certain that the 31st January will creep up in a jiffy.
As one of the North East’s most experienced accountancy practices, we understand that getting the advice and support you need, particularly if this is your first return since ‘going it alone’, to fill in and submit your tax return is invaluable. Here we provide our top tips to ensure you can complete and submit your return as quickly and easily as possible.
Know your deadlines
Being fully clued up on when you need to submit your tax return by is the first and most important step. As we’ve mentioned the deadline for online submissions is the 31st January, whilst you can also meet the 30th December deadline if you are looking to submit online and if you owe less than £2,000.
The December deadline enables any tax owed to be collected through your PAYE tax code number, whilst the online software ensures the amount due is calculated automatically. All paper returns must be filed by the 31st October after the end of the tax year. HMRC will then calculate your liability and the amount payable is due by the 31st January. Failure to submit your return by these deadlines will incur a £100 penalty.
Organisation is the key to completing and filing a tax return both by the deadline and as accurately as possible – after all you don’t want any nasty surprises.
Make sure that throughout the tax year you gather all your tax records and keep them safe, including bank statements, earnings, expenses and accounts. Having a filing system in place will ensure all supporting evidence can be found and there are no delays, and no penalties, when filing your paper or online form.
Call on the professionals
Here at Hurren Accountants, we provide a number of reliable and affordable accounting services to ensure the completion of your tax return can go ahead as planned. We understand that filing tax returns can be one headache that every business can do without and our accountants work with you to lessen the burden.
Contact our team today on 0191 251 7599 for all the help and advice you need ahead of the January deadline.