Preparing For Self-Assessment

How Can We Help

If you want to take the stress out of completing your return, make sure you meet the deadline and ensure you’ve claimed all the reliefs you’re entitled to; then let us complete your return for you. Call us on 01254 583515 or complete the contact form below.

Don’t leave it until the last minute

With only two months left until the 31 January deadline for online returns, self assessment is very much on our minds!

There’s an added urgency this year due to Brexit. As present, the UK is scheduled to leave the EU on the same date as the self assessment deadline, which could cause some added problems for HMRC.

Exactly 2,616 people filed their returns on 25 December 2018 and according to HMRC a whopping 735,258 returns were submitted on the deadline day 31 January 2019. Don’t spend your Christmas thinking about your tax return, get it out of the way before then.

The Side Hustle

Whether it’s renting property, freelance work, driving a taxi or selling online, lots of British people are now finding ways to boost their income in addition to their day jobs.

To keep things as simple as possible, a £1,000 trading allowance has been introduced for ‘micro-entrepreneurs’ who make a small amount of income through trading. There’s a similar allowance for individuals making less than £1,000 per year from property. However, these allowances are for those who aren’t otherwise engaged in business so there are some restrictions on who can claim.

Deadlines and Penalties

Remember, if you don’t file by midnight on 31 January, you’ll immediately be issued with a £100 fixed penalty. This applies even if the reason you didn’t file your return was because you thought there was no tax to pay.

After 3 months with no return, the penalties increase to £10 for each day after that second deadline up to a maximum of £900. After 6 months, then 12 months, additional charges of 5% of the tax outstanding or £300, whichever is greater, are applied. There are also penalties in place for late payments of tax.

Last year 731,186 tax payers missed the deadline on 31 January 2019. This equates to a scary £73 million in instant fixed penalties.

How Can We Help

If you want to take the stress out of completing your return, make sure you meet the deadline and ensure you’ve claimed all the reliefs you’re entitled to; then let us complete your return for you. Call us on 01254 583515 or complete the contact form below.