The Self-Assessment deadline is rapidly approaching and there’s a growing sense of urgency among the nearly 5.7 million customers in the UK who are yet to file their tax returns for the 2022 to 2023 tax year.
The deadline – 31 January 2024 – looms large, marking the final day for submitting tax returns and paying any taxes due.
Failing to meet this deadline could lead to a series of penalties and fines and could put your business at risk financially.
Available guidance and resources from HMRC
In the words of Myrtle Lloyd, HM Revenue & Custom’s (HMRC) Director General for Customer Services, “The clock is ticking for those customers yet to file their tax return.”
She is encouraging taxpayers to kick start their new year by sorting their Self-Assessments well in advance of the deadline.
To aid in this process, HMRC is offering a variety of resources.
From video tutorials on YouTube to comprehensive guides on GOV.UK, there’s a basic level of support for those completing their tax returns, but most would benefit from the assistance of a qualified accountant.
Payment methods and support options
Paying taxes has been made easier with several methods available, including the secure and convenient HMRC app.
For those owing less than £30,000, the Time to Pay arrangement offers a lifeline, allowing for manageable payments.
For those who find themselves unable to meet the deadline, HMRC considers ‘reasonable excuses’ and may waive penalties in certain circumstances.
Nonetheless, the penalties for late filing and late payment can be steep, including an initial £100 fixed penalty and escalating charges thereafter.
As a result, timely action on your part is crucial.
Why should you speak to an accountant?
The role of an experienced accountant becomes increasingly valuable as the deadline gets closer.
We can not only help manage and submit your tax return but also ensure compliance with the complex tax laws.
As accountants, we provide peace of mind to business owners like you and prevent costly mistakes for our clients.
Please get in touch if you’d like us to help you with your tax return.