If you run your own business, are a company director or a high net worth individual you will need to complete a self-assessment tax return each year. This can always be a stressful time, especially if you haven’t kept all your financial records in order.
But we at Adcock Accounting are always on hand to help you and will take away the stress and worry. Also, we make sure that your tax return is submitted on time and is accurate so you don’t encounter any problems from HMRC.
To help you plan ahead here are some key deadlines that you need to know. We suggest you don’t leave everything till the last minute. You can bring all your information to us at any time, and we can get your paperwork processed ahead of time and then make the submission when it’s best for you.
The last tax year started on 6 April 2015 and ran until 5 April 2016.
Key dates are shown below:
5 October 2016 – Register for Self-Assessment
Midnight 31 October 2016 – Paper tax returns to be submitted
Midnight 31 January 2017 – Online tax returns
Midnight 31 January 2107 – Pay the tax you owe
So many people end up leaving their tax return till the last minute and then rush and increase the chance of either making a mistake or incurring a penalty of £100 for missing the deadline date.
Payments on account
An additional date that you may want to note is 31 July this is for ‘Payments on account’. These payments are made in advance for your tax bill and include your Class 4 National Insurance. There are two opportunities to make payments every year. These are by midnight 31 January and 31 July.
To find out if you are eligible for these payments then contact us, and we can advise how these work.
So if you want to relax over Christmas and not be worrying about your self-assessment tax return contact us now, and we can get started on your paperwork or advise you on the information you need to collate so you have a head start. Give us a call on 01623 490 120 or email