Self-Assessment [MAKE THE DEADLINE EVERY TIME]

Make the Self-Assessment deadline every time

Anyone who is required to file a return/self-assessment but misses the deadline receives an automatic £100 fine from HMRC.

The fine is imposed regardless of whether you owe tax or not.

If you fail to file a return within three months, by the end of April in other words, HMRC can then impose an additional £10 daily fine.

This can carry on for each of the next 90 days.

This can make the fine anything up to £1000.

It’s even more important not to leave things until the last minute if you think you might have a query.

HMRC contact centre telephone queue times have doubled in recent years (especially since the COVID-19 pandemic) and response times can range from weeks to months.

How can you make sure of complying with the deadline every time?

If you are a sole trader or partnership, preparing annual accounts is something your business must do.

Your accounts should not become a compliance burden for you.

Instead of being a burden, they should provide you with the essential information on the performance of your business.

This in turn will help you to make better informed business decisions.

How can Spectrum help?

• Spectrum Accountancy Solutions are able to work with accounting records of any type. Anything from a bag of paperwork to an online or desktop-based accounting system.
• As part of the self-assessment process, we will ensure that we work through your numbers with you at a pace that suits you. Ensuring that you have a full understanding of your accounts and their implications for your business.
• Spectrum can help you get together the information needed to complete the assessment.
• By completing and filing your tax return on your behalf and keeping you informed of when your tax payments are due and how much to pay.
• In the event that you face a tax enquiry from HMRC, we are on hand to provide advice and support.

The internet is full of advice, some of it conflicting about how to complete a self-assessment.

Making Tax Digital is on the way, which we have covered in recent blog posts, here’s our complete guide to MTD.

Please contact us to book a free initial consultation to find out how we can support the preparation of your year-end accounts.

Visit our social media pages for frequent updates: Twitter, Facebook, LinkedIn, Instagram

Categorised in: Self Assessment

This post was written by Daisy Vowles