The filing deadline of 31st October 2013 only applies to those taxpayers wishing to complete and submit a paper 2013 tax return. But taxpayers also have the alternative to file their tax returns online. The online filing procedure allows taxpayers to submit 2013 returns up until 31st January 2014.
But it is a good practice to complete your tax return well ahead of the deadline. Doing it early should avoid mistakes being made and allow you time to consider any tax planning opportunities available. Furthermore, you will know what your tax liability is ahead of the due date of 31st January 2014 and therefore, have more time to put some money aside and manage your cashflow better.
Submitting your tax return ahead of the filing deadline does not accelerate the due date for the tax.
If you would like to discuss any aspects of your income tax affairs, please feel free to contact your local TaxAssist Accountant.
By Jo Nockels
Disclaimer: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.