Dont miss the tax return deadline for January
This week is the final opportunity for self-employed people in the UK to file their self-assessment tax returns.
As we enter the final few days of the month the January 31st deadline for online self-assessment tax returns looms ever closer.
Those who have missed the opportunity to file their returns by post, for which the tax return deadline was October 31st last year, now have until the end of the week to file their returns on HM Revenue & Customs' (HMRC) website.
Anyone who does not file in time for the deadline could face a penalty charge of £100 on top of any outstanding tax amounts.
By January 19th, HMRC said that more than four million self-employed workers had filed using the Self Assessment Online service.
By the HMRC calculations this means that almost two million people were yet to get round to filing, based on last years figure of 5.8 online registrations.
Anyone who has yet to register for online self assessment would be advised to contact HMRC or consult their accountant as a matter of urgency as the Activation Codes which are required in order to proceed with filing can take up to seven days to arrive.
HMRC has explained that the online process is simple as it automatically calculates the amount of tax owed and issues an instant acknowledgement.
This means that any money a person may be owed by HMRC can be repaid at a much quicker rate.
In the latest HMRC statement urging the UK's self-employed not to wait until after the deadline, the department's Sarah Walker said: "The 31st January filing deadline is just around the corner, so if you haven’t yet sent in your 2008-09 tax return, you need to take action now.
"Don't risk a penalty – make sure you file your return online and on time."
"And don't forget, January 31st 2010 is also the deadline for paying any tax you owe for the 2008-09 tax year."
The timing of the deadline has meant many people were forced to take stock of their tax dealing during the festive holiday season.
A BBC report last year revealed that more than 600 people actually filed their online returns on Christmas Day in order to beat the deadline for the 2007-08 tax year.
The news provider said that only 224 of the digital self-assessment forms were filled out by accountants meaning almost four hundred self employed people took time out from the family occasion to go through their tax receipts.
How we can help
If you are concerned about completing your tax return then we can still help. Whilst you may miss the deadline, you will still need to supply HMRC with your figures and the sooner this is done, the better.
Help and Advice
Contact us now so we can discuss your requirements; call us on: 0845 0176961 Or fill in our Contact form and we will call you back.
