Published on January 16th, 2018 | by Michelle Roper-Shaw0
Self-Assessment Deadline Around the Corner
The 31st January is the deadline for your online self-assessment tax return for 2016/17. Approximately 11 million people will be submitting their online return at the end of the month.
Last year, 840,000 people missed the deadline leading to an automatic £100 fine. Therefore, if you haven’t set up your account on the HMRC’s website via the Government Gateway don’t waste any more time.
It can take up to ten working days for you to obtain your unique tax reference (UTR) and this often results in people missing the deadline. So, if you haven’t done so already, get registered.
Completing Your Self-Assessment
Here are some top tips to follow to help you get organised:
Get Your Paperwork Ready
Before you start going through the online process, have all your paperwork to hand, including:
- P60 and P11D guide
- Bank statements
- Expense receipts
- Employment income
- Self-employment records
- Pension details – including state pension, additional state pension and private pensions
Donations to Charity
If you have given money to any charities, remember you can claim tax relief. Make sure you have records of all your gift aid payments
If you are a sole trader or partnership, the HMRC’s simplified expenses checker can help you calculate business costs for your vehicle and a percentage of your utility bills if you work from home.
Don’t Leave It Until 31st
The HMRC website is in high demand in the last few days leading up to the deadline. This is in turn can lead to crashes and delays. Therefore, prepare well in advance so you are not panicking as midnight approaches on deadline day.
Common Tax Return Mistakes
Even if you have been organised with all your paperwork and completed you tax return online, mistakes can be made. It is estimated that nearly one in five who have submitted a tax return believe they have made a mistake that has cost them money.
According to Which? the most common mistakes occur around, property income, pension contributions, tax regulations regarding dividend income and rates and allowances for savings.
In the event that you do pay too much tax due to an error on your tax return, you can correct it within the first year of filling it. Therefore, if you make a mistake this year, you will need to file the correction by 31st January 2019.
Get Set for the New Tax Year
Organise your annual accounts efficiently with the wide range of Business Books and Forms from the Post Office Shop. From Analysis Books and Pads to Receipt Books you can keep detailed records of your business expenditure throughout the year.
For more details about completing your online self-assessment tax return, visit the HMRC website here.