Don’t Miss the Looming Self-Assessment Deadline!
2018 has just started which means you’ll probably be knee deep in planning for the year ahead. But it’s important not to forget about the upcoming Self-Assessment deadline on January 31st…
This year your Tax Return will account for the dates from the 6th of April 2016 to the 5th of April 2017, so you must make sure you have all of your paper work covering these dates.
We recommend you complete your Self – Assessment sooner rather than later as it can be a little confusing. Did you know that HMRC help lines double in volume around this time with people looking for more information on what to do, this is why its better to be prepared than leaving it till the last minute.
But what happens if I do go over the deadline date you may be asking… Well HMRC have a strict £100 fine for everyone that misses the January 31st deadline. But that is just the initial fine, if you continue to ignore the deadline a further £10 a day penalty will be applied after three months. Even if you think you have a worthy excuse, sadly Self – Assessments are crucial.
If you are struggling to complete your tax return there are websites that provide useful information, such as this one: www.gov.uk/self-assessment-tax-returns.
So, don’t get caught up… Complete your Self-Assessment before the January 31st deadline!