Submitted by Sestini & Co
| on Tue, 01/28/2014 - 17:19 | In Uncategorized
I couldn’t resist the opportunity to use a Douglas Adams quote, but it’s undeniable that another Self Assessment deadline is imminent. 31 January is the online filing deadline for Self Assessment tax returns.
If you haven’t yet filed your tax return for 2012/13 (and believe you need to complete one*), don’t panic, there is still time!
If you are not yet registered for Self Assessment, you will need to complete a form SA1 to get into the system: http://www.hmrc.gov.uk/sa/forms/sa1.pdf – this may also buy you some additional time to submit your return.
If you are registered, it may be a case of trawling your files and the internet for all of the available information to complete the return and setting aside an hour or two to input, print, check etc. Bank statements and diaries are extremely helpful means on checking what should be in your return for the year in question.
31 January is also the payment deadline, so if you believe you might owe tax (for example you are a higher rate taxpayer with dividends or you have sold an investment property) then you may wish to do an estimate straight away and ensure you have funds available to make the payment: BACS is typically quickest: http://www.hmrc.gov.uk/tools/bankaccounts/s/selfassessment-cumber-uk.htm
What can be overlooked is that January 31st is not just the Self Assessment deadline for the previous tax year, it also marks the time limit for amending any incorrect tax returns from the year before that. It can be quicker, simpler and potentially lead to lower penalties if a tax return is changed within the amendment period rather than by writing to HMRC to explain the error at a later date. Overpayment claims tend to be processed quicker through an amended return than via the 4-year claim process.
Do I need to file?
If you are uncertain whether you need to do a Self Assessment return, the following are the most usual reasons:
- you are Self Employed
- you are a Company Director
- your annual income is £100,000 or more
- you have income from savings, property or investments
- you or your partner have income of £50,000 and one of you receives Child Benefit
- you need to claim expenses or reliefs
- you believe you overpaid your PAYE
If you’re not sure whether you need a tax return, or how to get it done, do get in touch via our contact page or by emailing firstname.lastname@example.org
So, to repeat the great Douglas Adams “I love deadlines. I like the whooshing sound they make as they fly by”. Unfortunately, however much that resonates with you, missing a Self Assessment or overpayment claim deadline can be costly. There is still time to get your tax return in – so please Don’t Panic!