The deadline for your 2016-17 tax return assessment is now only a week away, on Wednesday 31st January 2018.
As the paper deadline has already passed (October 2017), you must now submit your assessment online. Not doing so, will mean you incur a penalty, unless you have exceptional reasoning and proof (such as a hospital note).
If you haven’t already filled in your tax return, don’t panic. There’s still time to fill in and file your tax return assessment, just make sure to make it a priority. Always aim to have your tax return filled a few days before the deadline in case your internet, or the HMRC website crashes due to the large volume of assessments submitted last minute.
Firstly, if you haven’t done so already, make sure you register for online self-assessment, you can do this through the government website. But do not leave this until the last minute as HMRC need to post activation codes to you.
If you are facing a tax liability, there may still be ways to reduce this. However, if you’re unable to pay the tax you owe, it’s important to contact HMRC immediately. The situation will not go away, and the longer you leave it the worse it can get. By talking to HMRC you may be able to put a payment plan in place.
No matter how complex your tax return is, at Franks Accountants, we are here to help you. If you need any more assistance, our monthly fixed fee starts at only £200p/m, so call us to organise an appointment to see how we can help you lower your taxes and reduce the stress felt by many businesses during this busy period.
The tax system is complicated, and we want to ensure you’re not paying anymore tax than you need to, nor paying fines for misunderstanding the rules.
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