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Self-Assessment Deadline

29/01/19 | Advice & Guidance, HMRC, Tax Advice

Self-Assessment Tax Return, Leaving it Until The Last Moment

As a small business owner or contractor, you’re probably juggling deadlines, a happy home life, developing new business and keeping your current customers happy. No two days are the same, they’re busy – but rarely the same.

When you add in a looming tax deadline it’s all too easy to simply bury your head deep in the sand. Imagining that you’ll get to it ‘soon’ or when you have time. The first reminder you received about yours self-assessment ended up in the bin and now all you’ve got left is the option to file online by the 31st of January.

 

You’re Not Alone

Approximately 2.1 million of you either decide to (or possibly forgot to file) leave the filing of your self-assessment until the final month – between new years and the 31st of January. So don’t panic – you’re not the only person in this scenario.

 

Act Fast – Act Now

You have to act quickly though, if you want to avoid any penalties for late filing. It is, admittedly, much easier if you already have an online account with the HMRC. You simply log on to their website and fill out the relevant form which you can find here.

If you don’t have an account already, you are cutting it rather fine! You’ve first got to create an account online and be sent an activation code by (you guessed it) snail mail. This just eats away at your already dwindling days to the deadline.

If you don’t file by the deadline date (31st of January at midnight) you will be fined £100. This fine increases by £10 for each day you are late in filing up until the 1st of May 2019, up to a maximum of £900.

So if you’ve left it too late, don’t know where to get started or just need some pointers get in touch with us now. We are Your Sidekick in more than just name. Get in touch now.

 

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