cheap accountants - self assessment

The deadline for all 2015-16 self assessment tax returns is quick approaching and if your return is still to be prepared and submitted we urge you to act quickly on this. The final deadline for personal self assessment tax returns to be submitted to HMRC is 31 January 2017 for the tax year ending 5 April 2016. With only a couple of weeks left in the month of January (at the time of posting this blog update) time is quickly running out. Anyone who submits their return late will face a penalty issued by HMRC and it is extremely difficult to remove this once the penalty has been issued.

Do I need to submit a self assessment tax return?

In general terms if you have received untaxed income or you have very complicated tax affairs you are very likely to need to submit a self assessment tax return.

HMRC may have already written to you requesting a self assessment tax return to submitted for the 2015-16 tax year. In this case you do need to submit a return or you are very likely to face a fine.

What if I am Director of my Limited Company?

This doesn’t mean that a tax return is compulsory and the above guidance also applies in this case. In fact there are a number of limited company directors who do not need to submit a tax return.

Take a look at one of our previous blogs here for further details: Limited Company Director: Self Assessment Tax Return Compulsory?

What happens if I submit my self assessment return late?

If you submit your self assessment tax return for the 2015-16 tax year after midnight on 31 January 2017 you will face a penalty of £100. This applies even if your return is only one day late.

This fine could then increase to £10 a day if the return is not submitted within 3 months following 31 January.

You can read more about the fines here: Self Assessment Tax Returns: Deadlines and Fines if Missed

Next steps

If you are in any doubt about whether or not you need to submit a self assessment tax return you should consult your accountant now. It is best to avoid costly fines and delays with submitting your return and if you need help with this one of our accounts will be able to complete and submit your return for you. Our prices for self assessment tax returns start at only £50 for non-complex returns.