Avoid the hassle and get your Self-Assessment Tax Return filed before the deadline.
Don’t do it to yourself! We know there are a million and one things to organise at this time of year, but don’t ignore the looming 31st January deadline. There’s only one way to stop your inner voice nagging you to ‘fill in the tax return’ – like an HMRC impression of a ghostly Jacob Marley. Just get it done and out of the way – a little gift to yourself!
It may feel like you have loads of time – we haven’t even rung in the New Year yet – but it will be here before we know it. Remember, there are fines and interest to pay for late submission and late payment of your tax bill – which is the same deadline.
Submit your return online
HMRC reports that more than 85% of taxpayers used the online submission system last year and say this is an easy, quick service. There is support available in a variety of layouts, including a webchat option. When you initially use this method of submission, you must allow time for registration and for your activation code to arrive in the post. This can take a few days, so if you’re a first time online submitter, you need to build this into your preparation schedule.
Records, records, records
It’s wise to gather all the information that you need before you log on. You definitely need your Government Gateway user ID and password, the other requirements depend on your employment status. If you are self-employed then you need your accounts and expenses to hand. If you are employed, then you need records of interest earned (on a bank or building society account) and your P60. To borrow a (PG) version of a Royal Navy phrase: ‘Prior preparation prevents poor performance’ – the 5 ps.
Personal tax accounts
For the first time this year over a million taxpayers have access to their personalised Digital Tax Account. This seeks to replicate the online banking experience by having all your tax affairs in one place. You will be able to change your details, see how much you owe and see the calculations involved.
The Director General of Personal Tax at HMRC, Ruth Ower, offers the following advice to taxpayers:
“The 31 January deadline will soon be here. And while it’s tempting to put completion of your tax return to the bottom of the ‘to do’ list at this time of year, it’s not something I would recommend if you want to avoid a last minute rush in January.
We have improved our online services again this year to help our customers get their tax right quickly, simply and securely.”
In a short video she also urges taxpayers to remember to click ‘Submit’ when they have entered all their details! A simple, but crucial point!
