By Jyoti Onthriar ATT, Tax Associate Director
As the 31 January deadline for the Self-Assessment tax return approaches, we are reaching out with a friendly reminder to ensure everything is in place to meet your obligations with ease.
The January rush is often a stressful time for individuals and businesses alike.
However, with your cooperation, we can make the process as smooth as possible.
If you have not already sent us the information needed to complete your tax return, now is the time to act.
Why early submission matters
Submitting your information promptly gives us enough time to:
- Review your financial details thoroughly
- Address any queries or missing data without unnecessary pressure
- Ensure your tax return is accurate and compliant, avoiding penalties
HM Revenue & Customs (HMRC) charges penalties for late submissions, even if you have no tax to pay or are due a refund.
Missing the deadline could cost you £100 or more, with additional charges accruing over time. Early submission gives us more room to identify any potential savings or reliefs you might be eligible for.
What we need from you
To complete your return, we need any outstanding documents and details, including:
- Employment income (P60, P45, or P11D forms)
- Self-employed income and expenses records
- Bank interest, dividends, and other investment income
- Rental income and associated costs
- Pension contributions, gift aid donations, or other tax-deductible expenses
Even if you are unsure about what to send, we are here to guide you. Simply get in touch, and we can discuss what is required.
Beat the January rush
By sending your documents now, you will help us avoid the last-minute scramble, and you will have peace of mind knowing your tax affairs are in order.
It also gives you time to budget for any tax owed, which can be helpful after the festive season.
If you are struggling to gather your information or have concerns about your tax return, contact us today.
