Last chance to meet the self assessment deadline

Next Wednesday, 31 January, is the final deadline for the submission of all personal tax returns for 2016/17.

“If you’ve already filed your return then well done, the pressure is off”, says Andrew Cowe, Tax Manager at Brearley and Co. “However don’t forget that any tax due also needs paying by Wednesday, if you haven’t paid already. The taxman automatically charges daily interest on late payments”.

“For those who haven’t filed, you really are now in the ‘Last Chance Saloon’. It’s already too late to file a paper return, the deadline for that was 31st October, and if you haven’t already registered for online filing the signing up process won’t be completed in time. Although some accountants may be too busy with existing clients who have also left things until the last minute, there will be others who can help, providing you act now”.

“Finally, assuming you do just make the deadline, make a mental note to do it earlier next year. The tax isn’t payable any sooner and there’s actually a lower risk of the taxman making subsequent enquiries. Make a New (Tax) Year Resolution to avoid the January hassle next time!”

 

Andrew Cowe, Senior Tax Manager, Brearley & Co

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