‘Tis the Season for Tax Returns

Dividend Waivers

It is that time of the year again when you need to start thinking about your self-assessment tax return, if you have not already. The paper tax return deadline has been and gone, but you still have until 31 January 2015 to submit your return online. However, if you are planning to submit your return online and you have not yet registered for online filing, we advise that you do it now. You can either do this personally, or we can do this for you. It is important that this is done soon as in 2013, HMRC were taking up to six weeks to register people for self-assessment. Therefore, the longer you leave it before taking action the tighter the deadline will be for completing your return and in the most extreme circumstances the deadline may be missed all together. Once registered, it is then essential that your returns are filled out correctly and on time to avoid any late filing penalties. To make this process as efficient as possible our team is on hand and can complete your returns for you, guaranteeing that they are submitted before the deadline.

So, what are the deadlines you need to be aware of?

31 December 2014
On the basis that your 2013-14 tax return states that you owe tax no more than £2,999.99 for the 2013/14 tax year, and the completed tax return is submitted before the start of 2015, it should be possible to have your 2015-16 tax code adjusted. This will mean that your tax bill is spread across the entire year, and will not have to be paid in a lump sum. (This is just another reason why it is important to think about your tax return sooner rather than later.)

31 January 2015
This is the final deadline – all tax returns must be submitted online by midnight on the 31 January 2015. Also, note that 31 January 2015 is also the deadline for you to pay any outstanding tax you owe from the 2013/14 tax year. If you do not pay any outstanding tax by this date you will incur a 3% interest charge on the outstanding amount. In addition there will be a 5% penalty surcharge if the payment is not made by 1 March 2015. It is important that you are aware of your deadlines; any late submissions will incur a penalty of £100.
For help completing your tax return, please contact Lee Manning.