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January 31st is the deadline for online Self Assessment Tax Return submissions, as well as payments for any amount owed. In line with the Making Tax Digital movement, the vast majority of self employed individuals have opted for this method of personal tax returns, as opposed to postal submissions (which also carry a much earlier submission deadline of 31st October, and the dread of waiting for your correspondence in the mail).
Many contractors leave their returns to the last minute, leading to rushed applications and too often, costly mistakes. You wouldn’t leave important client work to the 11th hour and rush to finish it, even less so if you knew that same task needed to be completed each year – so why do that to yourself with your personal tax returns?
We know that this is human nature, so if you’ve fallen into this trap, we’re here to tell you to take a deep breath and relax. It’s why we’re here, after all. Your SJD accountant will help you file your return accurately and on time, freeing up your schedule so you can get on with the important stuff.
Complicated personal tax returns should be overseen by your accountant, however, with less intricate returns, our easy-to-follow checklist will help you ensure you’ve checked all the boxes and help you avoid penalties from HMRC. One check point we haven’t added to our list; remember to give yourself a pat on the back when you’ve made your way through it!
If you’re unsure whether you need to submit a return, you can use this tool.
Having your bank details to hand will also help the process; this would be necessary in the instance of receiving or being liable to pay in any outstanding tax amounts to HMRC.
Appointing an accountant can save you time and stress when starting up on your own. If you would like to speak to someone about any of the above information or any other queries you may have, arrange a callback and a member of the team will be in touch.