For those of you who follow football, you may have noticed the anomaly that the January 2016 transfer window actually closes in February (11pm on 1 February). The footballing powers are giving clubs an extra working day to complete the paperwork as the 31 January is a Sunday.
Unfortunately, when it comes to tax returns, HMRC is not so accommodating. For those individuals who have to file a 2014/15 tax return covering the tax year 6 April 2014 - 5 April 2015. The deadline for submission and payment of tax is midnight on Sunday 31 January 2016.
So what should you do if you haven't yet started your self-assessment return? Well, the first option is to panic, but the second is to take a deep breath and read these top five pointers from Bristol-based James Comer Accounting:
You should also keep the records for six years.
So if don't want to spend most of your Sunday night pushing send and waiting for an acknowledgement, then get it done ASAP.
Think about why this return was left until the last minute and ways in which you could take the stress away by completing it earlier. Do you throw all your receipts into a drawer and forget about them? If so, it may be advisable to look at a better way of recording your transactions. Or do you not like dealing with your finances? In which case it could be best to appoint an accountant.
Have you started your tax return yet? To comment below, make sure you're logged in!
Unfortunately, when it comes to tax returns, HMRC is not so accommodating. For those individuals who have to file a 2014/15 tax return covering the tax year 6 April 2014 - 5 April 2015. The deadline for submission and payment of tax is midnight on Sunday 31 January 2016.
So what should you do if you haven't yet started your self-assessment return? Well, the first option is to panic, but the second is to take a deep breath and read these top five pointers from Bristol-based James Comer Accounting:
Get your information in order
Whether you use an accountant or prepare the return yourself, it is important to get your information and records in order before you start the return. There is nothing more infuriating than thinking you have finished only to find yet more receipts to include. Get your data into an organised format that suits you and is clear to follow when completing the return as this will save time and give a working method for next year.You should also keep the records for six years.
Prepare and submit your return sooner rather than later
It's easy to say, "The 31 is a long way off yet, I have two weekends to get this sorted," Well, you do, and you don't. By leaving the return until the last minute, you are running the risk of "cyber ping pong"; a situation whereby you submit your return but due to the level of traffic hitting HMRC servers it gets bounced back.So if don't want to spend most of your Sunday night pushing send and waiting for an acknowledgement, then get it done ASAP.
Speak to an accountant
If your affairs are a little more complex than in earlier years or you are just not confident in completing your own return then speaking to an accountant will help. Given the time of year, they may not have enough time to complete your return by the deadline but will be able to offer advice and guidance on the best route forward.Communicate with HMRC
Should your return or tax payment be late, it is important that you don't bury your head in the sand. By speaking with HMRC directly you may be able to reduce the penalties charged and potentially agree a more manageable repayment plan. It is important to always have open dialogue with HMRC regarding any problems with your tax return.Plan ahead for next year
Ok, ok, so not one for this year. But it is worth thinking about next years' return now.Think about why this return was left until the last minute and ways in which you could take the stress away by completing it earlier. Do you throw all your receipts into a drawer and forget about them? If so, it may be advisable to look at a better way of recording your transactions. Or do you not like dealing with your finances? In which case it could be best to appoint an accountant.
Have you started your tax return yet? To comment below, make sure you're logged in!
