The tax return deadline day looms for submissions of your 2015/16 accounting year.
Midnight on Tuesday 31st January is the absolute deadline for filing your tax retunrs online- though as happened on the past few years the website has crashed as so many people have left their online returns to the absolute latest minute- and sufferered as a result.
After which the arrears start to get expensive- £100 in the first instance with more daily fines on the horizon.
The self employed and small business owners who have yet to register their business with HMRC are rapidly running out of time if they want to get their Self Assessment tax return submitted to HMRC.
ESB Accountancy warns business owners that failing to register for Self Assessment in the next week will mean they are unlikely to be able to submit their tax return on time, and will be fined by HMRC.
Before you can submit your Self Assessment tax return you must first register with HMRC and get your unique activation code sent to you by post. You simply cannot file your return without this.
It’s a relatively straightforward process but, as you’re relying on snail mail to get your code, it can take a while to receive the information you need. And if you leave it too late, you won’t get your code in time to be able to meet the January 31st deadline.
Remember that HMRC doesn’t accept failing to register in time as an acceptable excuse for filing a tax return late, so if you don’t get your code and you can’t submit your Self Assessment return, you’ll receive an automatic £100 fine. In addition, if you don’t pay your tax you’ll also face extra financial penalties which can quickly escalate.
It’s better to act quickly and register with HMRC now than risk leaving it until it’s too late.
During the last Self Assessment season, 870,000 people fail to submit their tax return before the January 31st 2016 deadline- leading to the automatic £100 fines from HMRC.
So if you would like some help with your online tax returns for your organisation from someone with several decades of financial experience here in Gloucestershire you can either ring us now on – email us on firstname.lastname@example.org or click the Contact Us buttonor please fill the form at the bottom of the contact us page.