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Help and advice for individuals and businesses across Northampton and Daventry

 

[26.11.2019]

Self Assessment Tax Return – Now is the time!

Self Assessment tax return season is upon us again. It can be easy to think there is still plenty of time to complete your return before the January 31st deadline. However with the busy festive period coming up the deadline is fast approaching. If you get your Self Assessment completed now you can sit back and enjoy the festive period in the knowledge that your tax affairs are taken care of. You will also have the time to discuss tax planning opportunities with your accountant to potentially save money on your tax bill.

First Steps

Firstly contact us to discuss your Self Assessment needs. Our experienced accountants will be able to advise what documents we require to complete your Self Assessment. By making that call you can make sure all the information your accountant requires is made available and delivered in one go.

We always recommend completing your Self Assessment in plenty of time before the 31st January deadline. If you only give your records to your accountant at the last minute they may not be able to plan resources effectively. This could result in your preferred contact being unavailable or higher fees being incurred. The message is to think ahead and give your accountant a call.

If you are able to get ahead of the game you will not only avoid last minute panics and the danger of possible surcharges and interest for late payment of tax. You also may have the opportunity to spend some time discussing tax planning options with your accountant, and ultimately save money on your tax bill.

What’s next?

When filing your Self Assessment tax return you will also be required to pay your tax bill. This includes any tax you owe for the 2018/19 tax year, as well as your first payment on account towards the 2019/20 tax year. The deadline for paying is the same as for filing your return, midnight on 31 January 2020.

There is a £100 penalty if your return is up to three months late, which increases the later the return is filed. However you can appeal a penalty if you have a reasonable excuse, but conditions for this are limited. There are also penalties for paying your tax bill late.

Common Issues

Common issues experienced when individuals are completing and filing their own returns include missing out on available tax reliefs, not declaring all income and late or inaccurate filing. Rushing your Self Assessment tax return as you are close to the deadline will only increase the chances of making a mistake. If you realise you have made a mistake you can amend your tax return within twelve months of the 31st January deadline. However, you may still face a penalty if HMRC decides you have not taken reasonable care to provide the right information.

How DNG can help

Contact us today to discuss how our friendly and experienced accountants can prepare your Self Assessment tax return and support you throughout the process. We will also be able to advise you if we think there are any additional allowances or reliefs you can claim which may lower your tax bill – who doesn’t like saving money! If you would like us to assist you with your return act now, as if it is left until the end of January we may not be able to help.

Jodie Clifford

 

 

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