With the 31st January 2019 Self Assessment Tax Return deadline less than 20 days away, the time is now to start thinking about making your submission.
Over 10,000 self assessment tax returns were filed on Christmas Day and Boxing Day, but many thousands more remain outstanding with little just over 3 weeks left to collate and complete the filing process. Given that the deadline falls just after Christmas and that January is the dullest month of the year, it’s not a surprise that 745,888 tax payers missed the 31st January 2018 deadline and received a £100 penalty.
Before you become concerned, the first thing to do is not panic, the second is to check that you are actually required to submit a tax return using HMRC’s helpful tool. In recent years, HMRC has reduced the tax burden for all sole traders who have earnt up to £1000 in the course of providing a goods and services including landlords, by excluding them from the requirement of completing a return.
Happy that you are required to complete a return, use our self assessment tax return checklist to gather together all the information that you need to start assessing your income and expenditure. If you need some extra help HMRC, have produced a short guide which provides easy to understand information on getting the process right or if you would just like someone to take the stress away, hire a professional.
We can take away the burden of compiling your accounts and ensure you claim all the allowances you are entitled to from simplified working at home expenses to more complex capital allowances. We will also provide you with a spreadsheet showing your monthly income and expenditure and a full breakdown of your calculations – we an even talk you through the process of submitting your return.
Whether you feel confident to complete by yourself or need a little bit of extra help, the deadline is looming so don’t delay! Contact us on 01395 320316 or firstname.lastname@example.org, for an informal chat.