Tax Return Deadline Approaches
Tax advisers at 360 Chartered Accountants are reminding people that the deadline to submit online self-assessment tax returns is fast approaching – and that it’s essential they do so if they want to avoid paying a penalty.
HM Revenue and Customs (HMRC) must receive all online tax returns relating to the tax year 6th April 2017 to 5th April 2018 and any money owed by midnight on 31st January 2019.
Jayne Hussey, Tax Specialist at the Hull and East Yorkshire-based firm, said that if people were struggling and needed help, they should contact them without delay.
“We encourage our clients to get their financial information to us as soon as possible after the 5th April every year, so that they have as much notice as possible what their tax liability is. It’s easy in the run up to Christmas to put it to one side, but sometimes it can take a bit of extra time to get your hands on some vital details, so if people leave it until the last possible moment then there is a chance they may file too late.
“It is very important that people prepare and submit their online returns on time. If they don’t they face a fine of at least £100. The longer you take to pay, the higher the penalty.
“We are fortunate that we’ve usually completed most of the returns for our own clients before Christmas so we have some spare capacity for anyone who needs some last minute help in January. Thanks to the way we process our returns, using the online 360 client portal, we are able to turn around tax returns very quickly.”