The first tax return deadline is imminent. The first deadline for submitting your self-assessment is 31st October for those who are submitting their return on paper. If you are already running out of time, you are advised to register for online filing. Then you will have until 31st January 2015 to submit your form.
The nearer we get to the January deadline, the longer it takes for HMRC to register you for self-assessment. The process can take up to six weeks, so we advise you do it immediately. Once this is complete, you need to file your tax return using either HMRC’s free service or contact Myers Clark.
Where your tax return shows you owe tax of up to £2999.99 and you pay through a PAYE system, your tax bill will be paid over 12 months (2015/16) by adjusting your tax code.
The deadline for submitting your 2013/14 tax return online is 31st January. All late payments will incur a penalty of £100. The 31st January is also the deadline for paying tax for 2013/14. If this is not paid, HMRC will charge interest of 3% per annum until you do. If this is still underpaid by 31st March 2015, HMRC will make a late payment charge equivalent to 5% of the tax owed.
For further information about tax returns, please do not hesitate to contact Rebecca Potton,rebecca.potton@myersclark.co.uk or call on 01923 224411