November 22. 2019
With 70 days go to file your 2018/2019 tax return, what are you waiting
for? With plenty of fun and games to be had between now and the end of January
don’t delay your tax return any more. You never know what could happen between
now and the tax return filing deadline. Such as unforeseen circumstances to
technical difficulties, to realising you don’t have all the required
information or just getting caught up in the festivities!
Last year 750,000 self-employed people missed the filing
deadline and instantly received £100 penalty. HMRC received this massive amount
of income from penalties and I am sure you would rather get some bargains in
the January sales than pay for an unnecessary fine.
From those that
missed the filing deadline there were some, let’s say creative, reasons
reported to HMRC, which included;
- My mother-in-law is a witch and put a curse on me
- I’m too short to reach the post box
- I was just too busy – my first maid left, my second maid stole from me,
and my third maid was very slow to learn
- Our junior member of staff registered our client in Self-Assessment by
mistake because they were not wearing their glasses
- My boiler had broken, and my fingers were too cold to typo
Having all the information is one thing, completing the return, using
your allowances and paying the correct amount of tax is another.
Angela MacDonald,
HMRC Director General of Customer Services, said: “Help will always be provided
for those who have a genuine excuse for not submitting their return on time but
it’s unfair to the majority of honest taxpayers when others make bogus
claims."
So, what do you need
to complete your tax return, aside from a little less procrastination:
It is always good to
check your options and instructing an accountant to support you with your tax
affairs isn’t a bad thing! Yes, you will have to pay for the service, but it is
an allowable business expense. which is included within your total outgoings
and deducted from your total income.
Did you
know 2,616 taxpayers submitted their tax return on Christmas Day last
year! Don’t be included in this figure this year, spend more time listening for
sleigh bells and less time on your self-assessment.
About FBTC Accountancy Services
Covering the whole
of the UK, FBTC provides service to more than 2,000 clients. Wrapped up in one £30 monthly fee, FBTC will:
- Self-employment registration
- Compilation of annual accounts
- Annual tax returns
- All communications with HM Revenue & Customs
- Access to making tax digital compliant software
- Tax and accountancy advice
To contact the team for a no obligation chat click here and complete the enquiry form
to the right.
