It’s very quickly approaching the deadline for submitting your businesses self-assessment tax return for the last tax year, this covers the period 6 April 2016 and ended on 5 April 2017.
If you were submitting your paper self-assessment tax return, this should have been submitted by midnight on 31 October. If you missed this deadline, then you need to submit online but you will be fined £100 for a late submission.
Hopefully, by now you have your paperwork in order, and your accountant is busy preparing the final tax return ready for submission before the online tax return, which is midnight on 31 January 2018.
This is also the deadline for paying your tax bill for the tax year ending 5 April 2017. For those of you that asked your accountant to sort out your tax return early, you will already know how much you owe, and you will have planned to have the funds ready on time. Remember that if you decide to pay by BACS, Bank Giro and Post Office counters payments, allow two working days for funds to clear with HMRC. If you pay by cheque, HMRC needs to receive this at least three working days before the payment deadline.
You can, however, make CHAPS/GBS Transfer and Faster Payments on the payment deadline day.
What happens if you don’t submit your tax return on time?
We are always being asked this, and it’s important for everyone to know that if you submit your tax return late, you will incur a penalty. The HMRC is a lot more aggressive about penalties so it’s better to be prepared in advance if you can.
You will get a penalty of £100 if your tax return is up to three months late. You will have to pay more if it’s later, or if you pay your tax bill late. You can estimate how much you will need to pay the penalty and interest by clicking on this link – Estimate your penalty for late self-assessment tax returns and payments.
We always work with our clients to make sure that the process of submitting their tax returns is as smooth as possible and not so time-consuming for them. If you are submitting your online tax return for the first time or want an accountant that is proactive and helpful, then contact us. You can call us on 01623 490 120 or email
Don’t forget if you get the ball rolling now you can relax over Christmas and spend time with your family rather than worrying about your tax return.