Christmas is now a distant memory and time is running out for completing your tax return before the 31 January deadline.
If we do your tax return and you have not yet sent us your information, please do so as soon as possible in order to ensure you don’t incur a £100 late filing penalty.
If you prepare your own tax return and are already registered with HMRC’s online service, we recommend you log on and prepare your return sooner rather than later. The HMRC portal is likely to get very busy as we get closer to 31 January. Also, you may find when you sit down to prepare your return that you are missing some information or need some advice, both of which may take time to resolve.
The bad news for those who have not already registered for self-assessment is that it’s currently taking HMRC 6 weeks to issue UTR (unique taxpayer references). However, if you apply now and make a reasonable effort to register well before the deadline HMRC may exercise some leniency. They may not be so keen to set aside late filing penalties if you do not apply until 30 January.
If you need help with your tax return or this is your first time completing a tax return online and are worried about meeting the deadline, please get in touch with Julie Walsh (Tax Manager) at firstname.lastname@example.org or call 01254 679131.
As the days become shorter and the nights darker, it’s time to ask yourself that age-old question – ‘Have I sent my tax return information to my accountant?’
Well, maybe it’s not ‘age old’, but if the answer is “Yes!” you can rest assured that everything will be in hand.
If the answer is “No!” it is now time to dust off your 2014-15 paperwork and send it to us. Tax waits for no one, and with Christmas fast approaching, you will no doubt want your tax affairs dealt with in time to put your mind at ease for another year. You have until 31 January 2016 to submit and pay any tax due to HM Revenue and Customs, but why wait until then?
We strongly recommend that you avoid leaving your paperwork until January. Whilst we will do our best to turn around any tax return information arriving in January, by leaving it to the last minute you risk your tax return being rushed which means we have no time to think about any planning opportunities or provide advance notice of your tax liability.
If you’re struggling to remember what documents you need, please contact your usual PM+M tax adviser now or send an email to email@example.com, and we will be delighted to help you out!