Be prepared for the self assessment tax return deadline

Be prepared for the self assessment tax return deadline
With the deadline for submitting paper tax returns passing on 31st October, business owners and anyone else who needs to submit a self assessment tax return should be planning ahead for the final online submissions deadline of midnight on 31st January, 2016.

Last year, HMRC revealed that 1,773 people submitted their online tax returns on Christmas day! We don’t want you to be in that position, so this blog will help you get prepared for the deadline well in advance, so that you can enjoy your Christmas.
There are other ways you can get prepared in advance of the deadline, so that you are not left rushing around trying to get everything together in time when January comes around.

To submit your tax return you will need the following things:

  • Details of your employment and exact income - your P60 or P45 form.
  • Details of income and expenditure from self-employment.
  • Details of any benefits received from your employer – form P11d.
  • Details of any pension contributions.
  • Any income from your savings and investments.
  • Any Capital gains or losses.
  • Any income and expenditure from buy to let properties.
  • Details of any donations to charity on which you claimed tax relief.
  • Plus, any other taxable income you received throughout the tax year.

Keeping all of your receipts in order throughout the year, or hiring a bookkeeper to do so, will help to keep the process smooth when it comes to putting your tax return together.

We will look at all of your income and expenditures for the tax year in order to determine what you are able to claim, and then calculate your tax return so that it is ready to submit, and you know exactly what you need to pay. This will give you peace of mind that everything is being handled professionally, and give you more time to focus on other important aspects of your business.

Remember, if you submit your tax return or pay the tax you owe after the deadline without a reasonable excuse, then you will be fined by HMRC. If it applies to you, you can find out how to appeal against a penalty here.

If you would like any help preparing your accounts and calculating or submitting your tax return, get in touch with us by calling 0115 956 9452 or email This email address is being protected from spambots. You need JavaScript enabled to view it..

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