Self-Assessment Tax Returns due 31 January, but 20th January if it’s your first time!

There are an estimated 10 million tax payers who need to submit a self-assessment tax return (SATR’s) before 31st January 2015, and with millions still to submit their 2013/2014 return time is running out to file online.

However, and a point which is not highly publicised; if you are having to complete an SATR for the first time, then you actually only have until January 20th, because it will take HMRC at least 10 days to send an activation code out to you, leaving you little time to file your return.

The penalty for late filing is well known – £100 – and in January it’s money most people can ill afford to throw away, so make sure you have all the relevant papers together (P60, P11d, pension contributions, charitable donations etc) to make it easier for yourself. If you don’t have them together now, why not make it a New Year’s resolution to do so!

Excuses for late filing have already been publicised and ‘the dog ate my paperwork’ or ‘I live in a campervan’ unfortunately don’t let you off – so make sure you are organised and use the £100 you save by filing now for a night out after Dry January!

We have Personal Tax Advisers here who would be happy to help, for more information click here or please contact 01904 464100.