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If you’re a bit of an early bird, there’s good news! You can now file your Self Assessment with HMRC ahead of the January 2017 deadline. Submissions opened on 25th July for businesses to file their 2015/16 return.

Sole traders and limited companies need to submit a Self Assessment Tax Return in order to declare their income to HMRC, who then ensure the right amount of tax is taken.

Last year HMRC received 10.39 million tax returns ahead of the January 2016 deadline. Of these, 513,271 were completed on the Friday before the deadline.

There were also an additional 870, 000 late or not returned Self Assessments.

Avoid late penalties

A penalty of £100 is given to those who submit a late tax return, which after three months gains additional daily penalties of £10 per day, up to a maximum of £900.

If you want to avoid being on the receiving end of a hefty fine from HMRC, you should make the most of the early filing opportunity.

Every year The Accountancy Partnership help hundreds of clients complete their Self Assessment Tax Return on time.

 

We make sure you claim all the tax relief you’re entitled to, and ensure accounts are complete and accurate before filing with HMRC.

By using an advisor you’re less likely to be investigated by HMRC, and providing your information is submitted on time, you’ll also be less likely to incur a fine for submitting a late Self Assessment.

Submitting your Self Assessment through The Accountancy Partnership will give you peace of mind that it’s taken care of, and saves you valuable time that you could be spent on running your business.

If you’re not currently filling out a tax return but think you should be, you can register for Self Assessment here.

Get an instant quotation for the completion of your tax returns here.

About The Author

Karl Bilby

We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!

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